Torrance says legal protection business must change
Allianz UK’s chief executive, Andrew Torrance, has confirmed that the insurer’s legal protection business will have to change “significantly” as he reported flat profit levels in the first half of the year despite a £50m increase in gross written premiums (GWP).
The insurer reported premiums of £914m, up £53m on last year but flat profit of £77.5m (£78.4m: HY 2010) and a slightly deteriorating combined ratio of 96.1% (95.3%: HY 2010).
The majority of the growth came in the retail division where GWP increased from £349.7m last year to £392.5m this year but again the combined ratio deteriorated slightly to 96.4% (95.6%: HY 2010).
In the commercial division, GWP also increased by £10m to £521.5m but again the combined ratio suffered slightly, dropping from
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