Allianz volume cull sees profits up for centenary year
Allianz Cornhill has reported operating profits of £50.2m in the first quarter, up from £46.5m in 20...
Allianz Cornhill has reported operating profits of £50.2m in the first quarter, up from £46.5m in 2004. While its gross general business income fell to £434m (2004: £463.7m) the insurer's combined ratio improved to 94.7%.
However AC's personal lines combined ratio slipped from 98.2% in 2004 to 99%.
Chief executive Andrew Torrance noted that, while its personal lines business delivered an underwriting profit, volumes fell as the business focused on writing for profit (2004: £89.3m to £70.2m).
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