Allianz underlying profitability 'unsatisfactory'
Chief executive officer of Allianz, Andrew Torrance, said the underlying profitability of the business the insurer is writing is “unsatisfactory”.
Operating profit before tax has risen to £94m in the first six months of this year, compared to £91.1m in the same period in 2007, while gross written premium has increased from £777.7m in 2007 to £802m in 2008.
However, Mr Torrance said that while the market is starting to move in the right direction, “albeit more slowly than we would like”, more rate strength was required. He added: “The overall profit performance for the first six months of this year has been satisfactory but, nonetheless
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