Torrance: A strong performance
Chief executive Andrew Torrance has hailed Allianz UK’s performance as “very strong” as it reported profits of £115m for the first nine months of the year.
Overall the insurer saw its combined operating ratio (COR) creep up to 96.7% from 95.8% in the same period of 2011.
"I think that is still a very strong performance if I look at what is coming out of peer competitor results in the quarter thus far," commented Mr Torrance.
He stressed that the insurer, which saw its commercial COR worsen to 99.1% (9M 2011: 95.1%) had been impacted by recent weather events.
"I would count the weather earlier in the year as pretty much in line with expectations,"
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