Insurer’s loss ratio climbed to 96%
Allianz UK’s general insurance business made an operating profit of €201m (£165m), according to group results released today
This is down 6.5% from the €215m made in 2012.
The combined operating ratio (COR) deteriorated by 0.4 percentage points to 96% from 95.6% in 2012. This was made up of a rise in both the loss and the expense ratio. The loss ratio climbed to 64.5% (2012: 64.3%), while the expense ratio also increased by 0.2 percentage points to 31.5% (2012: 31.3%).
Over the fourth quarter of 2013 the COR hit 96.8%, up from 94.4% in Q4 2012 despite a 0.2 percentage point improvement to the expense ratio.
Profit for Q4 also decreased, falling 18% to €50m from €61m in Q4 2012.
Full UK results are set to be released next week.