Allianz profits up but no underwriting profit so far this year
Allianz Q3 results show a £173.3m profit but £100m of reserve releases
Andrew Torrance, chief executive of Allianz, has given a dramatic warning to the market about rates. Announcing his company's third quarter results he said, ". . . the signs in the third quarter were that in commercial lines satisfactory rate strength increases to remedy this [the industry's poor underwriting result this year] are further away than ever. This is a trend that needs to be reversed sooner rather than later". He added rates are going up but had stalled in Q3. Investment income at
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