Allianz Cornhill announces record operating profits

Allianz Cornhill announced record operating profits of £159.1m for the year ended 31 December 2003, with net written premium up 13.3% to £1,496m. The insurer saw a 16% increase in commercial premium to £996m and recorded a combined ratio of 97.8%. Personal lines reported a 4% increase in premium income to £746.6m and a combined ratio of 95.9%. Chief executive Andrew Torrance said: "2003 was a year of achievement and progress for the company. This is due to the technical skills shown by our u