Operating profit falls almost 60% at Allianz Holdings in 2022
Allianz Holdings has posted a 58.3% drop in operating profit to £132.3m for 2022 as its combined operating ratio deteriorated year on year from 93.2% to 99.2%.
The insurer, which includes Allianz Insurance and LV, said the falls were driven mainly by the impact of double-digit claims inflation, several significant weather events and exposure to the motor market.
£106mAllianz Holdings was hit by £106m of costs, net of reinsurance, for weather events in 2022
The business was hit by £106m of costs, net of reinsurance, for weather events in 2022, including storms in February, subsidence in the summer heatwave and freezing conditions in December
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