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Daily Insurance Industry News
Monday 15th of October 2018
March 1, 2011

Allianz reports 2010 profits

by Richard Kilner

Story link: Allianz reports 2010 profits

Allianz reports 2010 profits

Allianz has reported its financial results for 2010, including an IFRS pre-tax operating profit of £158.5m, a decline of around a quarter from the £203.7m achieved in 2009.

However, gross written premiums rose from £1,588.1m to £1,663.7m and the combined ratio rose from 92.9% to 95.9%.

Chief Executive Officer Andrew Torrance has described 2010 as a year of success and achievement for Allianz Insurance.

Torrance went on to state that the firm’s £158.5m operating profit was ahead of plan, and that it had met its target of reducing the level of prior year claims reserves element in its results.

He added that Allianz could look back at 2010 with satisfaction, and that the year saw it win a number of awards including General Insurer of the Year at the British Insurance Awards and Commercial Lines Insurer of the Year at the Insurance Times Awards.

 

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