Allianz reports H1 results

by Richard Kilner

Story link: Allianz reports H1 results

Allianz UK has reported its interim financial results for the first six months of 2011, including a 6% rise in gross written premiums from £861.2m to £914m.

Biannual IFRS pre-tax profits remained more or less flat, declining marginally from £78.4m to £77.5m, and the combined ratio rose slightly from 95.3% to 96.1%.

The rise in gross written premiums outpaced that of the same time last year, when premiums rose by 4.4%, and the increase in combined ratio was twice that of H1 2010.

Commercial gross written premiums rose by £10m to £521.5m, and retail gross written premiums increased from £349.7m to £392.5m.

Chief Executive Officer Andrew Torrance expressed pleasure at the 6.1% rose in gross written premiums during the first half of the year.

Torrance added that the firm’s financial performance remains strong and welcomed the 96.1% combined operating ratio.