Allianz-Tiriac derived the highest profits among all the insurance companies on the market last year with 10.05 million euros, followed by BCR Asigurari with close to 5 million euros, according to the 2004 report of the Insurance Supervision Commission, which was released on Tuesday. British life insurance company Aviva continued to post the worst losses of all the companies with 2.2 million euros, slightly down from the 2.6 million euros the year before. The reason behind this is that it takes 5-6 years for life insurance to start making a profit after the start of operations. Aviva entered Romania in 2000. ING Asigurari obtained the best technical results for the life insurance segment, with 6 million euros, though net profits were only 3.87 million euros. BCR Asigurari''s positive technical results of more than 9 million euros (6.9 million euros of which came from general insurance) translated into only 4.8 million euros of net profits. The differences come from management and sales expenses (fees to consultants), as well as profit tax, explained Romeo Jantea, the company CEO. Allianz-Tiriac''s technical results, however, were very similar to their net profits of 10.5 million euros. Jantea said that there were differences but that this could be explained by the differences in size, since large companies have lower fixed expenses per policy. ZF
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