Top 4 insurance players account for 60% of markets profit

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The insurance market recorded a total net profit of 32.9 million euros in the first half of the year, while losses amounted to 37.2 million euros, reads daily Ziarul Financiar on September 11.
 
Four insurance companies – Allianz-Tiriac, Omniasig, ING Viata and AIG Life, accounted for almost 60% of the insurance market’s profit in the first half of the year, a sector that includes 43 active players.
According to data from the Insurance Supervisory Commission, the total net profit reported by insurers halfway through the year amounted to 120.8 million lei (32.9 million euros), up by 50% on last year.
 
The situation is similar in the banking sector, where an even larger share of profit is distributed among the leading players. The top three banks in terms of assets – the Romanian Commercial Bank, the Romanian Development Bank-Societe Generale and Raiffeisen, accounted for 80% of the profit cumulated on the market in the first six months of the year, which amounted to a total value of 522 million euros in net sum.
 
The four companies that accounted for the bulk of the profit derived on the insurance market include the top 2 players on the overall market (both general and life insurance), Allianz-Tiriac and Omniasig, and the top 2 life insurance players, ING Viata and AIG Life. Allianz-Tiriac, leader of the overall insurance market, posted an operating profit worth 5 million euros in the first half of this year, similar to the one derived in the same period of 2007.
 
Omniasig, second on the overall market, reported a gross profit of 5.4 million euros (around 4.5 million euros in net amount), 52% above the result recorded in the first half of last year. The increase in the company’s profit was supported by the sale of the Unita insurance company (in which Omniasig held a 55% stake) to the Austrian group Uniqa.
 
ING Asigurari, the top-ranking life insurance company, posted 5.2 million euros in gross amount (4.4 million euros in net sum), while AIG Life, the second largest player in this sector, derived a gross profit of 6.5 million euros (5.5 million-euro net profit).
In all, the four companies earned over 19.4 million euros in net sum in the first half of the year.
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