Allianz-Țiriac Asigurări Reports Robust Performance in 2024, Marking 30 Years
Allianz-Țiriac Asigurări celebrated its 30th anniversary in the Romanian market with a strong financial performance, exhibiting a nearly 20% increase in the life and health insurance segment, surpassing the market average. This success saw the company achieve over RON 630 million in total subscriptions within this line of business.
In 2024, the total sales volume reached RON 3.7 billion, marking a 5.3% increase compared to the prior year. When combined with the activity of Allianz-Țiriac Unit, total subscriptions reached RON 3.8 billion by the end of the year.
Gross claims expenses totaled approximately RON 2.5 billion in 2024, encompassing paid claims and changes in gross claims reserves. Of this amount, almost RON 1.6 billion was disbursed to insured clients and third-party claimants, reflecting a nearly 24% increase compared to 2023.
In addition to these payments, Allianz-Țiriac Asigurări concluded 2024 with over RON 5.4 billion in technical reserves and a solvency rate of 128%, as per Solvency II. This result underscores the company’s financial stability, ensuring its capacity to meet future payment commitments.
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“2024 was a record year for Allianz-Țiriac. Our performance and contribution to supporting the economy show that we are the most Romanian and most connected multinational to local realities. We thank the team and partners for their effort and dedication. Through them, we help people and companies benefit from real and accessible financial protection and explain why insurance is the starting point of financial health.” – Virgil Șoncutean, CEO of Allianz-Țiriac Asigurări.
Șoncutean further noted the company’s focus on life and health insurance. This segment experienced a growth rate four times higher than the company’s overall growth.
The company’s performance reflects its sustainable growth strategy, particularly in a volatile environment. Allianz-Țiriac recorded a gross profit exceeding RON 500 million, factoring in both insurance and pension activities. Insurance operations generated nearly 90% of this profit after adjustments for claims payments, reserves, operational expenses, and taxes.
Allianz-Țiriac Asigurări contributed RON 232.6 million to the state budget through taxes, fees, and other contributions.
The home and liability insurance portfolio expanded by over 10% in 2024, reaching RON 252.3 million in subscriptions. Auto insurance subscriptions rose by a responsible 2.5%.
By the end of 2024, over 1.6 million individuals and businesses benefited from Allianz-Țiriac Asigurări’s financial protection. This includes over 235,000 clients with life insurance policies, a 23% increase from the previous year. The company secured its position as a leader in customer loyalty within both general and life insurance sectors.
Allianz-Țiriac Pensii Private concluded 2024 with over 1.7 million participants and net assets managed of RON 31.5 billion in the Pillar II pension fund, and over 73,000 participants with net assets of over RON 692 million in the two Pillar III funds managed. The company paid a total of nearly RON 240 million to participants in the Pillar II fund and almost RON 23 million to participants in the Pillar III funds who met the conditions to benefit from private pensions last year.
Three Decades of Economic and Social Impact
Over its 30 years in Romania, Allianz-Țiriac has contributed significantly to the financial security of millions. The company has contributed EUR 20 billion to the local economy since its inception in 1994. This figure encompasses a direct impact of EUR 4 billion, along with indirect and induced impacts. The total contribution equates to 0.6% of Romania’s GDP during the period, with this impact being equivalent to the construction of numerous facilities.
Allianz-Țiriac, a joint venture between Allianz Group (52.16%) and Țiriac Holding Limited (44.79%), has been a key player in fostering the Romanian insurance market. The company has established standards of professionalism and innovation influencing the way insurance is perceived and accessed locally.
