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Daily Insurance Industry News
Tuesday 17th of July 2018
March 17, 2009

Allianz sees profits soar by 36.8%

by Richard Kilner

Story link: Allianz sees profits soar by 36.8%

Allianz sees profits soar by 36.8%

Allianz Insurance has announced its financial results for the full-year of 2008.

IFRS operating profit soared by more than a third (36.8%) to £193.6m, up from £141.5m in 2007.

The Commercial business, Allianz Legal Protection and Petplan all saw growth during 2008, despite difficult economic conditions.

Andrew Torrance, chief executive officer, has expressed his pleasure at the strong financial results recorded by Allianz Insurance.

Torrance was particularly pleased given the dire flooding of 2007 which seriously hampered Allianz’s performance in that year.

The good financial results continue Allianz’s good start to 2009, which marked the one year anniversary of the insurer’s partnership with the AA.

The arrangement has benefited Allianz customers with discounted breakdown and recovery services provided by the AA and has been seen as a success by both sides of the partnership.

 

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