Allianz Cornhill bouyant as it reports improved profits

Allianz Cornhill has reported profits up 22.1% over the same period in 2004 and an improved group combined ratio of 93.9%.

Ceo Andrew Torrance said that he was pleased with the company's profit performance during the first half of the year, despite lower than expected premium volumes.

The insurers' commercial lines business continued to perform strongly with net written premiums up 3.6% over the same period last year and a strong underwriting performance which resulted in the combined ratio ou