Insurance Age

Allianz Cornhill reports reduction in combined ratio

Allianz Cornhill reported a reduction in its combined ratio for 2006, and increased profits driven by improvements in its personal lines portfolio. Profit before tax hit £239.4m in 2006 (2005: £206.4m), and combined ratio reduced by 0.8% to 94.1%. However, gross written premium fell to £242.9m from £275.8m the previous year. The insurer's commercial lines portfolio increased its profitability, returning a combined operating ratio of 92.3% compared to 92.5% in 2005. Premium volumes grew by 1%