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.
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.
