Allianz third quarter results hit by large losses
Insurer posts COR of 98.2% for first nine months of 2017.
Allianz has reported an operating profit of £84.6m for the year to the end of the third quarter 2017, down from £121m in the same period of 2016.
The combined operating ratio (COR) has slipped to 98.2% from 96.9% as gross written premium nudged up by 2% to £1.65bn.
According to the insurer the third quarter saw an “unusual number” of large losses totalling £46m across the commercial property, fleet, liability and private car accounts whereas normally it would expect to see £22m.
Lumpy
CEO Jon
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