Allianz UK CEO admits broker retail profit and growth was "bridge too far"

Mr Torrance described the underwriting profit of £12.7m as a "landmark" - it was the first time the retail broker segment had returned a profit since 2006. 

It came as the insurer confirmed that its private motor broker book GWP was down 5.7% compared to 2011 at £173m while the household book slipped by 3.1% to £116.8m.

"We did well on profitable terms in the broker area," assessed Mr Torrance.

"Having grown very rapidly in 2011 we didn't grow in 2012 - basically we wanted to manage that