Allianz's half year results show GWP rise but profits drop
As part of Allianz’s half year results CEO Andrew Torrance has promised further double digit rate increases in private motor and said there was a “prospect of underwriting profit” in this area in 2011.
The results for H1 2010 revealed a drop of £9.9m in IFRS operating profit (before tax) compared to the same period of 2009 with the overall combined ratio rising by 0.4% to 95.3%.
However, gross written premium (GWP) for the group rose by £36.2m to £861.2m.
Mr Torrance said the combined ratio was the lowest that had been recently reported and called on other insurers to address the need for further rate increases.
He put the 11% drop in overall profits down to lower investment returns reflecting
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