Allianz Cornhill said its 2004 first quarter performance had continued where 2003 left off, as operating profit increased 29% to £46.3m, up from the £36m recorded for the first period of 2003.
Gross written premiums increased from £478.5m in the first quarter of 2003 to £495.1m 2004.
The company’s combined ratio also improved from the 97.8% recorded in 2003, down to 96.2%.
For commercial lines, gross written premiums grew 2.3% to £268.9m, while the combined ratio was 95.9%.
Allianz Cornhill said the commercial lines performance had been helped by benign weather and the absence f any major commercial property losses. The company’s engineering division also continued to perform strongly, it said.
For personal lines, gross written premiums grew 5.6% to £194.8m, with a combined ratio of 96.6%.
It said the performance of the division was helped by 15% growth in gross written premiums for its animal health business.
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