Allianz sees profits rising

by Richard Kilner

Story link: Allianz sees profits rising

Allianz Insurance has released its financial results for the last quarter.

The firm saw its operating profit increase markedly despite the continuing recession, recording a rise of 23.1% on the third quarter in 2008, and profits stood at £173.3m (pre-tax) for the first nine months of the year.

Previously Allianz had made profits of £88.3m for the first six months of the year, down by around 6% on 2008.

Gross written premiums also increased, from £689.4m to £761.8m, with the combined ratio standing at 91% at the end of the quarter.

Chief Executive Officer Andrew Torrance has said the firm’s results are very good, especially taken against the twin backdrop of the economic recession and the competitive nature of the insurance marketplace.

Torrance added that he did not see either the recession or the competitiveness of the sector fading in the foreseeable future.