Allianz chief hails broker book but laments state of commercial market
Allianz UK CEO, Andrew Torrance, hailed the performance of the insurer’s broker retail book but lamented the continued soft condition of the commercial market as he revealed the insurer's financial performance for the first three months of 2011.
The insurer reported gross written premiums (GWP) of £443.5m, an increase of 7.8% compared to the same period of 2010, along with a drop in profit before tax of £2.3m to £34.4m.
The combined ratio of the overall business deteriorated very slightly to 96.9% (Q1 2010: 96.5%).
In contrast to previous years, it now appears that the retail part of the company has switched places with the commercial arm in terms of performance.
Although premiums in commercial were up by £16.7m the combined ratio
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