Dip in profits at Allianz
Allianz has reported a fall in profits to £115m for the first nine months of 2012, down from £123.6m in the same period of 2011.
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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