Romanian insurer Allianz-Tiriac is heading for a historic year in terms of sales and profitability
Allianz-Tiriac Insurance reported for 9M2021 GWP worth EUR 239 million, by over 19% up y-o-y. Sales grew significantly on all business lines, driven by the accelerated increase of the number of customers, the company stated in a press release. Operating profit for 9M 2021 stood at approx. EUR 22.6 million.
"Allianz-Tiriac's excellent results in the first 9 months are not accidental. In 2021 we accelerated a series of initiatives to simplify the business model and developed new partnerships, which generated a qualitative leap in services. As a result, the current portfolio has expanded since the beginning of the year with approximately 350,000 new customers. These figures are a testament to the fact that the chosen strategy works and that the efforts of the team and the distribution partners are appreciated. We are heading for the best year in the history of Allianz-Tiriac, with results that will significantly exceed the initial estimates. We thank our customers, employees, consultants and our distribution partners to whom we owe these results!", said Virgil SONCUTEAN, CEO of Allianz-Tiriac.
By business segments, a strong increase in sales volume, of about 34%, was reported for life insurance. The breakthrough was supported by the current context, which led to a greater openness to life and health insurance products, as well as the ability of Allianz-Tiriac distribution partners to capture increased customer interest.
Gross premiums for health, home and travel insurance also remained on the upward trend. Home insurance sales increased by 24%, while in the case of travel insurance, premiums tripled. On the motor insurance segment, written premium increased by over 14% and exceeded EUR 117.5 million, proof of the fact that Allianz-Tiriac is an active player in this market as well.
In the first 9 months of 2021, approximately EUR 11 million were paid to customers and third parties for claims occurred under the existing contracts. Compared to the same period in 2020, the compensations increased by more than 9%. Most of the payments, about 70%, were made to the motor insurance account. Car damage expenses increased by about 15% in the first 9 months of 2021, being the main factor in the growth of the combined rate, which reached 92% at the end of September 2021.
In 2021, Allianz-Tiriac implemented several initiatives to reduce business complexity, with a direct impact on customers and distribution partners, as part of a broader strategy aimed at increasing the agility and responsiveness of the business model. Quotation and quick purchase on your phone or desktop for car and home insurance, electronic signature, but also Voice of Customer, a digital solution that allows you to connect with customers in real time and improve services based on their feedback, are just some of the projects implemented this year.
Author: Daniela GHETU
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