Dip in profits at Allianz

Allianz chief executive Andrew Torrance

The provider saw gross written premiums rise by 4.3% to £1.43bn in the nine months (9M 2011: £1.37bn) as the combined operating ratio (COR) slipped to 96.7% from 95.8%.

Chief executive officer at Allianz UK, Andrew Torrance, blamed the 6.9% fall in operating profit on adverse weather-related losses and cited that the summer storms and floods cost the insurer £26m.

"However, it is very important to stress that delivering a combined operating ratio of 96.7% is a clear indication of our continuing

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