Allianz-Țiriac in 2024: 20 percent growth in life and health insurance and 1.6 billion lei paid to insurance clients in Romania

Allianz-Țiriac Asigurări closed its 30th year of activity on the local market with a growth of almost 20 percent, above market average, in the life and health insurance segment, reaching total subscriptions in this line of over 630 million lei.

In 2024, the total sales volume of Allianz-Țiriac Asigurări reached 3.7 billion lei, a 5.3 percent increase compared to the previous year, and combined with the Allianz-Țiriac Unit’s activity, Allianz-Țiriac’s subscriptions reached a total of 3.8 billion lei by the end of last year.

The total expenses for gross claims recorded by Allianz-Țiriac Asigurări were approximately 2.5 billion lei in 2024, representing gross claims paid and the variation of the gross claims reserve approved and not approved. Of this amount, nearly 1.6 billion lei were paid to insured clients and third-party claimants through claims paid in covered situations, with almost 24 percent more than in 2023. In addition to the claims paid, Allianz-Țiriac Asigurări ended 2024 with over 5.4 billion lei in technical reserves and a solvency rate of 128 percent, according to Solvency II, confirming the company’s financial stability and assuring clients of future payment commitments.

“2024 was a record year for Allianz-Țiriac. Our performance and contribution to supporting the economy show that we are the most Romanian and most connected multinational to local realities. We thank the team and partners for their effort and dedication. Through them, we help people and companies benefit from real and accessible financial protection and explain why insurance is the starting point of financial health. Without insurance, everything we accumulate in life, whether it is a home, savings, or investments, can become a sandcastle, vulnerable to any economic or personal surprise. For several years, we have mobilized resources and paid special attention to developing life and health insurance. Just in 2024, these insurances recorded a growth rate four times higher than the total growth rate of the company. We firmly believe that to reach the full local welfare potential, we must protect what we hold most precious – life and health. Therefore, we aim to reach as many people as possible with such insurance and exceed 1 billion lei from life and health activities in the coming years”, said Virgil Șoncutean, CEO of Allianz-Țiriac Asigurări.

The company reached a gross profit of over 500 million lei in 2024, combined for insurance and pension entities, of which nearly 90 percent came from insurance activities after claims payments, establishing reserves, and deducting operational expenses and taxes and contributions to authorities and the state budget. Additionally, Allianz-Țiriac Asigurări generated a direct contribution to the state budget of 232.6 million lei, representing expenses with taxes, fees, and other contributions (FGA, BAAR, ASF).

The Allianz-Țiriac home and liability insurance portfolio grew by over 10 percent in 2024, reaching 252.3 million ei in subscriptions, signaling an increased interest from Romanians in such protection solutions. Meanwhile, in the auto insurance line, subscriptions increased at a responsible rate of 2.5 percent. The evolution confirms clients’ preference for Allianz-Țiriac’s offer, based on the principle of quality at a fair price.

By the end of 2024, more than 1.6 million people and companies benefited from financial protection provided by Allianz-Țiriac Asigurări, of which over 235,000 clients held a life insurance, an increase of 23 percent compared to 2023. The solid reputation and high-quality service offerings at competitive prices were key elements that attracted an increasing number of clients to Allianz-Țiriac.

At the same time, Allianz-Țiriac Pensii Private concluded 2024 with over 1.7 million participants and net assets managed of 31.5 billion lei in the Pillar II pension fund and over 73,000 participants with net assets of over 692 million lei in the two Pillar III funds managed. The company paid a total of nearly 240 million lei to participants in the Pillar II fund and almost 23 million lei to participants in the Pillar III funds who met the conditions to benefit from private pensions last year.