Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 14th of August 2018
November 21, 2011

Allianz reports rising operating profits

by Richard Kilner

Story link: Allianz reports rising operating profits

Allianz reports rising operating profits

Allianz UK has reported its financial results for the first nine months of the year, including a rise in gross written premiums of 10.2% to £1374.7m.

The operating profit in the 9M period rose by 3.8% to £123.6m, and the firm’s Combined Ratio was 95.8% at the end of Q3.

The Commercial Division saw gross written premiums rise from £722.1m to £740.5m, and the Retail Division saw a rise from £525m to £634.2m.

Chief Executive Officer Andrew Torrance described the firm’s results as impressive despite the challenging market conditions and turbulent economic backdrop.

Torrance also sounded a confident, optimistic note, saying that he was more of a glass half full sort of man and that every insurer was in the same boat, (referring to the difficult economic and market conditions).

 

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