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Sunday 19th of August 2018
August 19, 2009

Allianz reports decline in H1 profits

by Richard Kilner

Story link: Allianz reports decline in H1 profits

Allianz reports decline in H1 profits

Allianz UK has released its financial results for the first six months of the year.

IFRS operating profit was 6.1% down on the corresponding period in the previous year, but remains ahead of the firm’s forecasts.

Operating profit fell from £94m to £88.3m from 2008 to 2009.

Last year was an excellent one for Allianz, recording a surge of 36.8% in profits to £193.6m for the year compared to £141m for 2007.

Andrew Torrance, chief executive officer, responded to the decline in operating profit for the first half of the year by stating his pleasure at the result given the low interest rate operating environment.

Torrance praised the Commercial business of Allianz for its strong performance in a competitive marketplace, and performing better than the firm’s plan.

However, fraudulent claims have risen by 50%, particularly within the motor and casualty personal injury sectors, a trend that Torrance has attributed to the ongoing financial pressures of the recession.

 

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