Local insurer Allianz-Tiriac Asigurari has paid total gross dividends of EUR 32 million in the last 16 years since it was taken over by the German group Allianz.

The amount represents one-third of the aggregate net profit of EUR 100.5 million the company has made in this period, reports local Profit.ro. The rest of the amount has remained in the company’s accounts as resources for its development, according to the insurer.

The most recent dividends have been distributed this year from the 2015 profit. They amounted to EUR 12 million.

The German group entered the local market in 2000 when it took over the majority stake in the Romanian insurer Asigurări "Ion Tiriac". Allianz controls 52% of the company’s shares and Romanian investor Ion Tiriac holds 44.5% through an offshore firm called Vesanio Trading.

editor@romania-insider.com