Allianz boss: “Reserve release holiday coming to an end”
I assume Andrew Torrance is not an Everton or Tottenham fan (both teams crashed out of the UEFA cup following penalty shoot-outs last night) as he was in a very good mood this morning (Thursday 13 March), writes Charlie Thomas, reporter, Professional Broking in the latest PB Week. While this week Dane Douetil , chief executive of Brit, was hit by talk of potential sub-prime losses following the announcement of his results (despite a rise in pre-tax profits to £191m), and Barry Smith chief executive of Fortis revealed profits had been hit by £62.7m following the floods compared to 2006, Torrance heralded a "pleasing" set of results from Allianz in 2007 - although he was coy about his firm's reserve releases.
Allianz results
Despite the weather-related claims, Allianz achieved a top line growth of 9%, with the retail division performing well. Its broker motor division also performed well, with a 14% growth recorded. The gross written premium for the division exceeded original estimates of £600m for 2007, recording around £624.2m at the end of last year. Overall profit declined from £239m to £197m.
Refusing to comment on a figure for Allianz’s reserves releases, Torrance warned that the "reserve
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