Profits down but Allianz keeps commercial COR below 100%

Allianz chief executive Andrew Torrance

The insurer's overall combined operating ratio came in at 96.3%, made up by a rate of 94.5% in its retail book (2011: 97.8%) and 97.9% (2011: 94%) on commercial lines.

The provider saw gross written premiums (GWP) rise by 2.6% to £1.88bn. Commercial GWP dropped to £974.1m (2011: £976.2m) whereas retail increased to £905.7m from £856m the year before.

Allianz chief executive officer, Andrew Torrance, commented: "In 2012 we delivered excellent levels of profit and top line growth together with a

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