Torrance hails strong performance despite profit drop at Allianz

This was despite the fact that profit before tax dropped to £197m (2006: £239m) with the combined ratio rising to 97.8% (2006: 94%). He blamed this on the summer flooding which he claimed impacted results to the tune of £83m. Premium income rose to £1398m, a record for the company, up by over £100m on last year.

Commercial lines and retail business also experienced considerable growth but again, combined ratio in both portfolios rose with the retail business now sitting at nearly 102%.