Amid the plunging leasing market, Allianz-Ţiriac, leader of theinsurance market in 2009, saw its turnover shrink by 25% on thesegment of comprehensive and auto liability insurance in the firsthalf of this year.
"(...) The contraction of our car portfolio comes both amid thelack of new clients willing to buy cars in leasing, and amid thecancellation or ending of contracts sealed in previous years," saidRangam Bir, the company's general manager.
Allianz-Ţiriac ended the first half underwritten premiums from autoliability and comprehensive insurance worth 382m RON (92m euros),around a quarter less than in 2009.
Car insurance accounts for 77% in the company's portfolio. Overall,the company in the first half generated gross underwritten premiumincome of 538m RON (140.5m euros), 20% below the level in the firsthalf of 2009. General insurance income reached 496m RON (120meuros), 21% lower.
The company's operating income dropped from 18.3m RON in the firsthalf of 2009, to 14.8m RON in first six months of 2010. On the lifeinsurance segment, gross underwritten premium income hit 42.3m RON(10.2m euros) in the first half, down 11%. In the same period,operating profit from life insurance climbed by 3% from the firsthalf of 2009, to 5m RON (1.2m euros).
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