Allianz's half year results show GWP rise but profits drop
The results for H1 2010 revealed a drop of £9.9m in IFRS operating profit (before tax) compared to the same period of 2009 with the overall combined ratio rising by 0.4% to 95.3%.
However, gross written premium (GWP) for the group rose by £36.2m to £861.2m.
Mr Torrance said the combined ratio was the lowest that had been recently reported and called on other insurers to address the need for further rate increases.
He put the 11% drop in overall profits down to lower investment returns reflecting
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