Allianz Cornhill Insurance, the UK subsidiary of Allianz AG, has increased its operating profit to £116.2m in 2002 from £59.3m in 2001.
Its 2002 results show that Allianz now breaks even on its insurance policies. It recorded a combined ratio of 100% across the UK business.
Its gross general business premium income rose to £1.6bn in 2002, up from £1.5bn in 2001.
The results were better than those from its parent, Allianz AG, which showed a loss of €1.2bn (£812m) last year compared with a €1.6bn (£1.08bn) profit in 2001. It has been reported that Allianz AG is now set to launch a cash call in a bid to offset these losses.
Chief executive Ray Treen said: "2002 was a year of considerable achievement, building on the improvements of 2001, to achieve an operating profit of £116.2m, the company's highest ever result.
"The excellent operating results of 2002 are a testament to the accelerated efforts that have been made in the last few years to improve all aspects of the company's performance. The emphasis on the core skills of underwriting, claims handling, management information, training and development and IT have undoubtedly contributed to the 2002 performance.
"The commitment and enthusiasm that exists means that we can look forward to the future with increased confidence."
