Profit down but COR improves for Allianz UK
Insurer admits there is “some way to go to fill the financial hole” left by the Ogden rate change.
Allianz UK has reported increased GWP from £1.10bn to £1.09bn for the first half of 2017 according to results reported today (4 August).
The COR improved to 96.2% from 96.3% despite a fall in operating profits which dropped to £74.7m from £86.9m in the same period last year.
The results were announced at the same time as Allianz revealed it was set to buy a 49% stake in the LV GI business for £500m.
Strengths
Allianz UK chief executive officer, Jon Dye, said: “The business played to its
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