Allianz-Tiriac, the biggest company on the insurance market, hasfully felt the crisis fallout, witnessing the first annual turnoverslump, of 7% in 2009. Thus, gross premiums underwritten by themarket leader stood at 1.29bn RON (307m euros) in 2009, with thedecline being triggered by comprehensive insurance, accounting forover 50% in the company's total turnover, as well as by propertyand life insurance. Insurers were hurt by companies' fallinginsurance budgets, but also by the shrinking wages and risingunemployment among individuals, which ate into insurance demand.While turnover dropped, the company saw its operating incomeimprove. In late 2009, operating income stood at 46m RON (11meuros), down 10% from the previous year. In 2008, the company's netincome reached 23m RON. "As regards turnover growth outlooks, we donot have very high expectations from 2010. We will be satisfied ifwe manage to preserve our turnover," stated CristianConstantinescu, general manager of Allianz-Tiriac.
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