“Ţiriac” symbolizes a brand of Romanian enterprising strength, and “Allianz” is a name that incorporates this brand into its global network. These two brands together express entrepreneurial spirit, an orientation toward the needs of local customers, financial strength and a trustful business.
The foundation of Allianz-Ţiriac Insurance was settled in 1994, with the establishment of Asigurări “Ion Ţiriac” S.A. (ASIT) – Greenfield-type investment of Ţiriac Group.
Allianz Ţiriac relies on the experience, enthusiasm, and customer orientation which characterized Asigurări Ion Ţiriac (ASIT).
Starting from scratch, the company has rapidly become one of the leaders in the field of private insurance companies. Focused from the very beginning on developing relationships with customers in the industrial and commercial sectors, ASIT has succeeded in creating real long-term partnerships with its insurance policy holders for the benefit of both parties. Accelerated growth in the volume of business helped ASIT to advance in only six years, to the second position in the top of the most important local insurers.
At the same time, despite of the high costs involved in launching a Greenfield business, Asigurări “Ion Ţiriac” generated positive results in record time for its shareholders. The success of the company’s operations was demonstrated by the profitability recorded by ASIT throughout its existence. The declared intentions of the major shareholder representatives – Ţiriac Group – to support the development of a long term business allowed the company to benefit from the financial resources required to support this development. Year after year, the entire profit made by ASIT was allocated to finance business growth. Thus, the creation of the company’s infrastructure – beginning with the variety of offered products range, continuing with the attraction of the best local specialists in the insurance field and ending with the progressive expansion of the territorial network was achieved almost entirely through self-financing.
Thus, Ion Ţiriac Insurance was a success story. The company continued to grow profitably after the major share package was taken over by one of the most important international financing group – Allianz. This transaction – in August 2000 – opened the way to a new stage in the company’s development, a re-launching of the company’s activities by promoting a brand that defines the strong partnership lying behind this business: Allianz-Ţiriac.
Today, the company’s insurance portfolio has a balanced structure, including all the types of general insurance product range (including mandatory and life insurance), able to cover the entire range of local customer's demands.
Allianz-Ţiriac operates at maximum efficiency today, based on one of the most extensive network of branches, agencies and representatives in the Romanian insurance market. The number of territorial units through which Allianz-Ţiriac operates its business in Romania is 198 premises (branches, agencies and working points) and the company is present in 148 localities.
Throughout its existence, the company has proven its capacity to run a profitable business. Last but not least, maintaining higher levels for all the indicators which express the degree of financial security represented the guarantee of a healthy business growth. The current share capital is 66,638,505 lei, and the number of shares is 127,905, each one with a value of 521 lei. Throughout its existence, Allianz-Ţiriac Insurance has unfolded a coherent capitalization program, according to the company’s business-development plans.
The continuous product range diversity, responding to the customer's needs and adaptation to market trends have been strategic elements that played an important role in the fast development of the Allianz-Ţiriac business. Today, the company's insurance portfolio has a balanced structure, offering virtually all types of general insurance products - including mandatory insurance-, and life insurances, being able to cover the full spectrum of requests submitted by local customers.
The latest results recorded by Allianz-Ţiriac reveal the company’s solidity within a business environment which since the second half of 2008 has shown clear signs of deterioration. Business has continued to develop in a balanced way in both segments of insurance (general and life), indicating sustained growth both in terms of income and at the operational profitability level.
For seven consecutive years, Allianz-Ţiriac is the #1 Romanian insurance company.
The revenue obtained by Allianz-Ţiriac from the insurance business reached 1,4 billion lei in 2008, and Allianz-Ţiriac Asigurări remained, for the seventh consecutive year, the #1 insurance company in Romania, with an estimated market share of 16%, approximately.
At the same time with its insurance operations, Allianz-Ţiriac has chosen to use its local opportunities to extend the area of activity into the private pension’s management. In 2007, it was established a special company set up to conduct such business – Allianz-Ţiriac Pensions – with the direct contribution of the main Allianz-Ţiriac Insurance shareholders.
The results for this market segment have soon occured: at the end of 2008 the number of participants in the mandatory private pension funds managed by Allianz-Ţiriac reached more than 1 million, with 1,032,708 persons registered with at least one contribution to this fund, more than 25% of all participants in Pillar II. Regarding optional pensions, the two funds administered by Allianz-Ţiriac – “AZT Moderato” and “AZT Vivace” – attracted almost 28% of the total participants in Pillar III, 41,591 persons. Allianz-Ţiriac is the second largest funds administrator of pensions in Romania today.
Allianz-Ţiriac aims at strengthening the position it already holds on the local profile market, through a balanced development of the business, in all the segments it currently operates in Romania.
On the whole, the assets managed by Allianz-Ţiriac on a consolidated level (general insurance, life insurance and pensions) exceeded 1 billion lei, reaching 1,05 billion at the end of 2008.
Currently, Allianz-Ţiriac benefits of remarkable competitive advantages: a brand with a high level of recognition, a powerful presence in the Romanian market, quality products and services, a developed sales network, a solid client base and not least, solid results. All these create the premises for achieving long-term company goals in all the segments where Allianz-Ţiriac operates: general and life insurance as well as financial planning, through administration of private pension funds.
