Allianz P&C profits increase
Operating profit in Allianz property and casualty (P&C) operations has grown by 28.2% to €1.14bn during Q2 2010, compared to the same period last year.
Gross written premium increased slightly to €9.95bn and combined ratio improved by 2.6 percentage points to 96.3%.
In the UK, the insurer recorded revenues of €528m. Adjusted for a positive currency effect of €16m, premiums went up by 4.3% on an internal basis.
Allianz said this was mainly driven by an increase in policy count in commercial lines and new corporate partnerships. It added that “higher rates in the retail business partially offset a lower policy count due to ongoing portfolio
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