Allianz Cornhill today declared first quarter pre-tax profits of £50.2m in its centenary year. The result was 8% more than the £46.5m declared for the first quarter of 2004.
Combined ratio for the group was 94.7%, an improvement on 96.2% for the same quarter last year.
Gross premium income was £434m, 7% less than the £463.7m declared in Q1 2004. Commercial lines brought in £265.5m, personal lines £70.2m and speciality business £98.5m. Gross premiums fell in all three areas.
Chief executive Andrew Torrance said: “I am very pleased with the way we have started our centenary year in what proved to be a challenging trading environment.”
Torrance said retention in commercial lines was very good which compensated for a lack of ‘new business opportunities.'
In personal lines, volumes in the company's intermediated book fell because Allianz ‘declined to pursue the market down' in terms of rates, Torrance said.
