The Allianz-Tiriac insurance company reported an operational profit of EUR 9 million from general insurance activities for 2005, down from the 10 million recorded in 2004, according to financial results announced by Allianz AG.
Marius Onofrei, communication manager for Allianz-Tiriac, has told Hotnews.ro that the main cause of the result was a rising volume of losses the company had to cover last year.
According to the Allianz AG report, the total volume of Allianz-Tiriac payments amounted to 238 million euro last year, up from the previous years.
But as Onofrei points out, "for 2005 Allianz-Tiriac maintains a more than reasonable level of profitability, taking into account that we speak about a year when loss-related payments grew mainly in the fields of car insurances, and property and goods insurances, with all the floods recorded in spring-summer 2005".
Allianz AG has announced an overall net profit of 4.38 billion euro in 2005, up 93.3% compared to the previous year. According to experts quoted by Reuters, the banking subsidiary of the company, Dresdner bank, remains a tricky problem for Allianz AG.