Torrance: cautious optimism

Allianz Cornhill ceo, Andrew Torrance, cautiously welcomed the insurer's third-quarter results, which he said were better than expected. However, Mr Torrance stressed that it was "not yet clear that we will have a strong Christmas - the jury is still out".

Pre-tax profits were £172.4m, up from £169.9m from the same period last year and the combined ratio improved from 93.7% in 2005 to 93.1%.

In personal lines, gross written premium (GWP) dropped by just over £25m to £190.2m with the combined

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