Allianz announce 2007 Third Quarter Results

Allianz Insurance has revealed a £63m drop in its profit before tax in the first nine months of 2007 compared with the prior year reporting period.

The insurer has unveiled a profit before tax of £109.4m (2006: £172.4m) despite a net written premium income increase of £81.7m to £1028.7m compared with the first nine months of last year. Allianz’s combined ratio has also deteriorated to 99.9% from 93.1% on 2006’s comparable figure.

Allianz pointed out that weather events during 2007 cost it £83m but that it was still on track to record a satisfactory end of year profit. The insurer added that commercial Lines NWP were up 11.3% over the same