Allianz reports interim results
Allianz Insurance has reported its results for the first half of 2010, including a 4.4% rise in gross written premiums compared to the same period last year, rising from £825m to £861.2m.
Allianz’s combined ratio improved from 94.9% to 95.3% during the same period.
However, the firm’s IFRS pre-tax operating profit fell by nearly £10m, declining from £88.3m to £78.4m.
The previous year also saw Allianz’s half-year pre-tax profits fall, from 2008 to 2009 the profit margin fell from £94m to £88.3m.
Chief Executive Officer Andrew Torrance has stated that the first six months of the year saw Allianz Insurance grow in a steady and profitable manner.
Torrance hailed the 5.4% rise in gross written premiums (to £349m) achieved by Allianz Retail, which also improved its combined ratio to 95.6%.
However, the firm’s motor account continues to decline at a modest rate as corrective action is taken.
Overall, Torrance welcomed the biannual results, describing them as strong and reflecting profit and growth achieved by the firm despite a difficult operating environment.
Category: Allianz News, Financials, Insurance News
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