Allianz chief sees room for underwriting improvement despite good results
Allianz UK CEO, Andrew Torrance, has conceded that the insurer’s underwriting performance is not good enough despite recording top line and profit growth and producing an overall combined operating ratio (COR) of 95.7% and a commercial one of 94%.
Putting this in context, rival firms RSA and Ageas recorded overall CORs of 95.7% and 98.8% respectively.
Their commercial CORs were much less healthy at 100% and 110.9% respectively.
Axa produced a COR of 98.9% and would not reveal its commercial equivalent.
Discussing the insurer's results, Mr Torrance said: “There were further reserve releases in 2011 and we made an underwriting profit of £70m, 50% of which were reserve releases.
“A result at this level is not acceptable – it needs to be at
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