Allianz estimates net profit worth over €10 mln in 2008

Allianz-Tiric Asigurari, the largest insurance company in Romania, estimates net profit worth over €10 million in 2008, and subscribed gross premiums exceeding €440 million, 19 percent higher year-on-year. The company posted subscribed gross premiums worth €371 million in 2007 and €9.5 million in net profit.

"We will most likely exceed the subscribed gross premium estimates of €400 million on the general insurance segment in current international crisis conditions. On the life insurance segment our estimates indicate income worth some €37 million, and we are optimistic of exceeding this objective," said General Manager Cristian Constantinescu.

Allianz-Tiriac is focused mainly on profit, since the market could post similar losses as in 2007, of some €76 million. The company lost many clients in 2007, said Constantinescu. The impact of the international crisis will be felt especially on the Romanian unit-linked insurance market, according to the Chairman of Allianz-Tiriac's Board of Directors, Klaus Junker.

Business Standard