Allianz reports £11.5m profit drop
Profit before tax drops 9% despite a 12.4% growth in gross written premium for the first nine months of 2014.
Allianz UK's results for the first nine months of the year showed an overall drop in profit of £11.5m, despite a 12% rise in Gross Written Premium (GWP).
The company's profit before tax was £117.2m compared to £128.7m for the same time period last year, and its year-to-year combined ratio rose from 95.7% to 96.9%.
However, the company reported that its GWP for 2014 was £1,640.9m compared to £1,459.7m last year, which is a rise of about 12.4%.
In retail, its combined ratio was 100.2% compared to
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