General insurance profits down 13.7%


Allianz has reported a 13.7% decrease in group general insurance operating profits over the first quarter of 2015.

The German insurer achieved a group operating profit of €1.3bn (£939m) from property and casualty insurance over Q1 2015, compared to €1.5bn for the same period in 2014.

This was driven by a two percentage point increase in the combined operating ratio (COR) to 94.6% and an uptick in claims from natural catastrophes.

Gross written premium (GWP) over the period climbed 13.9% to €17.3bn from €15.22bn for Q1 2014.

Allianz SE chief financial officer Dieter Wemmer said: “Despite our repositioning in Russia and the United States, internal growth was strong. Claims from natural catastrophes were substantially higher than last year, affecting operating profit. Total natural catastrophe and weather-related losses were roughly in line with expectations.”

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