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Daily Insurance Industry News
Tuesday 21st of August 2018
February 28, 2012

Allianz reports rising profits in 2011

by Richard Kilner

Story link: Allianz reports rising profits in 2011

Allianz reports rising profits in 2011

Allianz has reported its financial results for 2011, including IFRS pre-tax operating profits of £168.7m, up by 6.4% compared to £158.5m last year.

Gross written premiums rose by 10.1% from £1,633.7m to £1832.2m, and the Retail Division reported top line 22.1% growth.

Retail gross written premiums rose, year-on-year, from £701.1m to £856m, and the Commercial gross written premiums increased from £962.6m to £976.2m.

The combined ratio was broadly flat, falling from 95.9% in 2010 to 95.7% in 2011.

Chief Executive Officer Andrew Torrance described the year as a very successful one for Allianz UK, achieved despite sluggish macroeconomic progress and upward pressure on claims.

Torrance singled out the Retail division’s performance for particular praise, as it achieved excellent top line growth in both the Broker Motor and Household accounts.

 

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