Allianz-Tiriac reported an operating profit of 154 million RON, up by 15 percent in 2020

Allianz-Tiriac ended the year 2020 with a total gross written premium of 1.32 billion RON, down 3.7 percent compared to 2019, while the operating profit improved by 15 percent and amounted to 154 million RON.

The decrease in total sales was caused by the restriction of the general insurance business, especially in the travel insurance segment, affected by the COVID-19 crisis, but also by the decrease in underwriting of car policies.

On the other hand, home insurance subscriptions increased by 11 percent. Amid the pandemic, the home has become more than just a place to relax and spend time with the family, and interest in protecting the home has grown.

At the Allianz-Tiriac level, life insurance sales had the highest growth rate, of almost 14 percent, given that market-level subscriptions fell in 2020.

“Allianz-Tiriac has proved once again that it is a solid business, which delivers performance. We managed in a volatile and uncertain environment to have sales comparable to the previous year, to improve our operational profitability and to increase the number of customers. The year 2020 also meant for Allianz-Tiriac the opening of a new chapter in his story by signing the first acquisition. The transaction to take over Gothaer Romania is a confirmation of our commitment to the local market and a step forward in the strategy of consolidating the Allianz-Țiriac position. So, for 2021 we have every reason to be optimistic and confident,” said Virgil Șoncutean, CEO of Allianz-Tiriac.