Profits drop at Allianz Holdings in first half 2023 as GWP tops £2bn
Operating profit fell 5.5% at Allianz Holdings in the first six months of the year to £112.8m, as the combined operating ratio deteriorated to 96.6% from 96.0% in the same period of 2022.
According to the insurer, the fall in profit was “predominately driven by inflation”.
It detailed that all parts of the business continued to be hit by inflationary pressures. Both the personal and commercial motor markets, along with home insurance, bore the brunt of the impact due to labour shortages, rising repair costs and supply chain pressures, Allianz listed.
The provider said the issue was ongoing, and that while it had strengthened rates during the first half of the year, there will
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