Motor book to be cleansed for profit
Allianz chief executive, Andrew Torrance, said he was willing to lose as much business as necessary on the insurer's motor book in order to return it to profit and would supplement this action with a new aggregator product for the sector.
The announcement came as Allianz reported a £5.7m drop in operating profit despite a 2.9% increase in gross written premium for the first half of the year to £825m.
Combined ratio improved slightly coming in at 94.9% (95.7%: Q2 2008).
Mr Torrance said the drop
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