Results news: Allianz determined to do away with all loss-making business
Allianz chief executive, Andrew Torrance, has outlined plans to push through rate increases in commercial after admitting that the current level of return was "not terribly attractive".
It came as Allianz announced a 10% drop in pre-tax profits to £36.7m for Q1 2010 (Q1 2009: £41.1m), despite a near 5% increase in gross written premium (GWP) to £411.3m.
Mr Torrance said: "We will continue to push on rate increases in commercial. Our Q1 lapse performance was good and we are willing to see more business lapse in Q2 to get rate strength. Every piece of business on our books should make an adequate contribution to our profit. I'm willing to see loss-making business go out the door
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