Allianz UK made an operating profit of £47.4m in the first quarter of 2016, up 43% on the £33.2m it reported in last year’s first quarter.
The insurer’s combined operating ratio improved by 1.8 percentage points to 95.9% (Q1 2015: 97.7%).
But gross written premium fell 1.5% to £547.3m (Q1 2015: £555.4m).
Allianz UK announced a new structure in April. It has combined its personal and commercial lines business under Simon McGinn, and is also planning an exit from direct home and motor business.
The proposed withdrawal from these lines has put 170 jobs at risk.
Allianz UK chief executive Jon Dye (pictured) said: “The business has achieved a strong set of results in the first quarter and we are well positioned to push on from here with our strategy of targeting profitable growth.”