Allianz-Țiriac Q1 2024 Results: Strong growth in life insurance; total claims increased by 44%

Allianz-Țiriac Asigurări has continued to provide real financial support to its clients in unforeseen situations, concluding the first quarter of this year with solid results and positive developments across all business lines. The total gross claims expense was approximately LEI 612 million at the end of Q1. Out of this, around LEI 361 million was returned to clients through paid claims, LEI 28 million were maturities and redemptions, while over LEI 224 million were allocated to claims reserves (for reported and unreported claims), guaranteeing future payments as per commitments.

Gross written premiums by Allianz-Țiriac reached LEI 910 million in Q1 this year, a 7% increase compared to the same period last year. A significant 27% advance was recorded in the life insurance segment, confirming the growing need for protection among people.

“The year 2024 has started well for Allianz-Țiriac, marking our 30th anniversary on the Romanian market. The first quarter results once again confirm the high potential of Romania’s life insurance market and the increasing interest of Romanians in these products. The past few years have led to a better awareness of life’s risks and uncertainties, contributing to the dynamic we see in this business line. At the same time, this consistent growth in the life insurance segment represents a confirmation of the structural change and the distribution efforts of the Allianz-Țiriac sales team and partners, achieving today a similar level of life insurance subscriptions to Casco insurance,” stated Virgil Șoncutean, CEO of Allianz-Țiriac Asigurări.

Another business line that registered significant growth of over 21% in the first three months of 2024 is health insurance, as people have become more attentive to their health and seek solutions that can help both prevent and provide financial support when facing health issues.

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At the end of Q1 2024, over 1.6 million individuals and companies benefited from the financial protection offered by Allianz-Țiriac, an increase of approximately 16% compared to the same period last year. Simultaneously, the number of clients purchasing insurance online increased by 32% in the first quarter, with RCA and travel insurance being the most frequently purchased online.

Community responsibility: Allianz-Țiriac, together with the Metropolis Philanthropic Foundation, is building a new pediatric psychiatry clinic at the Prof. Dr. Alexandru Obregia Hospital.

Allianz-Țiriac contributes to building a better future in Romania not only through its products and services but also by actively engaging in solving critical societal issues such as education, health, environment, and sports. In the first three months of 2024, the company continued to support impactful community projects and announced the construction of a new building for the pediatric psychiatry clinic at the Prof. Dr. Alexandru Obregia Hospital in Bucharest, in partnership with the Metropolis Philanthropic Foundation. The investment amounts to EUR 1 million, and the construction of the new building will begin at the end of this year.

Additionally, in the first quarter of this year, Allianz-Țiriac organized, in partnership with the Țiriac Foundation, the third edition of the international hockey tournament “Allianz-Țiriac International Trophy” dedicated to children’s teams, and volunteer colleagues expanded the Allianz-Țiriac forest with another 30,000 new saplings marking the 30th anniversary of Allianz-Țiriac in Romania.