UK retail business cited as a major driver behind 2.2% growth in profit


Allianz has reported a €5.4bn (£3.9bn) group operating profit for its general insurance business over 2014.

This represents a 2.2% increase on the €5.3bn profit reported for 2013, driven largely by strong growth in the UK retail business.

Allianz SE chief financial officer Dieter Wemmer said: “Strong volume-driven internal growth in the property and casualty segment is supported by the continued high demand for our new modular products in the core markets.

“Our acquisitions as well as the readjustments in the United States, Russia and Brazil are important portfolio measures to continue the positive development of our property and casualty business.”

Gross written premium at the insurer grew by 3.7% over the year to €48.3bn (2013: €46.6bn), while the combined operating ratio remained flat at 94.3%.

The group as a whole, also including life insurance and asset management, reported 3.3% growth in operating profit to €10.4bn.

More to follow on Allianz UK results.

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