Allianz sees profits slide but maintains healthy underwriting result
Allianz has reported a £45m drop in operating profit to £158.5m (£203.7m: 2009) and a 3% deterioration in combined ratio despite a near £76m uplift in gross written premiums (GWP) for 2010.
However, the insurer’s combined ratio of 95.9% is a much healthier underwriting result than most of its competitors who are struggling to keep their ratio below 100%.
Commercial lines GWP increased to £962.6m (£934.1m: 2009) but the combined ratio deteriorated badly by nearly 8 points to 94.5%. However, retail performed much better this year writing £701.1m in premiums (£654m: 2009) and producing a much improved combined ratio of 97.8% (101%: 2009).
Chief executive Andrew Torrance said he was
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