Allianz UK sees discount rate hit in Q1 2017
Insurer's operating profit falls to £37.5m, while COR comes in at 96.7%.
Allianz UK has reported an operating profit of £37.5m for the first quarter of 2017, which is a fall from the £47.4m posted in Q1 last year.
The provider highlighted that without the impact from the discount rate change the operating profit for Q1 in the UK would have been £46.8m.
In addition, its combined operating ratio (COR) deteriorated slightly to 96.7% (Q1 2016: 95.9%), and Allianz stated that without the Ogden rate change its COR would in fact have improved to 94.9%.
GWP
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