Torrance hails strong performance despite profit drop at Allianz
Allianz chief executive, Andrew Torrance, hailed a “strong, pleasing year despite challenging trading conditions” as he revealed the insurer’s results for 2007.
This was despite the fact that profit before tax dropped to £197m (2006: £239m) with the combined ratio rising to 97.8% (2006: 94%). He blamed this on the summer flooding which he claimed impacted results to the tune of £83m. Premium income rose to £1398m, a record for the company, up by over £100m on last year.
Commercial lines and retail business also experienced considerable growth but again, combined ratio in both portfolios rose with the retail business now sitting at nearly 102%.
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