Profit down but COR improves for Allianz UK

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Insurer admits there is “some way to go to fill the financial hole” left by the Ogden rate change.

Allianz UK has reported increased GWP from £1.10bn to £1.09bn for the first half of 2017 according to results reported today (4 August).

The COR improved to 96.2% from 96.3% despite a fall in operating profits which dropped to £74.7m from £86.9m in the same period last year.

The results were announced at the same time as Allianz revealed it was set to buy a 49% stake in the LV GI business for £500m.

Strengths
Allianz UK chief executive officer, Jon Dye, said: “The business played to its

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