Combined ratio solid at 95.7%
Allianz’s UK non-life operation made an operating profit of €206m (£173m) in 2011, up 11% on 2010’s €185m, according to group results released today.
The combined ratio remained almost unchanged at 95.7% (2010: 96%).
The improvement comes on the back of a 9% increase in gross written premiums to €2.1bn (2010: €1.9bn).
In the fourth quarter alone, Allianz’s UK non-life profit increased 42% to €64m (Q4 2010: €45m). The quarterly combined ratio was also broadly unchanged at 95.5% (96.3%).
The UK result bucked the trend at the group level. Allianz’s group non-life operating profit fell 9.4% to €2.8bn (2010: €3.1bn). Group net profit was down 46.2% at €2.8bn (2010: €5.2bn).
Allianz UK will report its own UK GAAP results in sterling on 27 February.
For full annual results coverage, visit our Results Special page.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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