Allianz sees profits slip 10 points in first quarter
Allianz Insurance's pre-tax profits have slumped more than 10% to £36.7m (£41.1m: 2009) for the first quarter of 2010, despite a near 5% increase in gross written premium (GWP) to £411.3m.
However, the insurer reported a credible combined ratio of 96.5%, a slight deterioration on the same period last year (96%).
In commercial, GWP rose from £225.3m to £237.3m but the combined ratio deteriorated to 92.6% from 90.6% in the same period last year. The insurer’s retail book continued its improvement with an increase in GWP to £174m (£168.5m: 2009) and a 1% improvement in combined ratio (101.7%).
Despite the drop in operating profits, Andrew Torrance, chief executive of Allianz
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