Group results reveal UK combined ratio improved 3.8 points to 95.2%
Allianz’s UK non-life operation made a first-quarter 2013 operating profit of €55m (£47m), up 67% on the €33m it made in the same period last year, according to group results released today.
The UK combined operating ratio improved by 3.8 points to 95.2% (Q1 2012: 99%).
The improvement was driven mainly by cost reductions. The expense ratio dropped by three percentage points to 31.8% (Q1 2012: 34.%).
However, the loss ratio also improved by 0.8 points to 63.4% (Q1 2012: 64.2%).
UK non-life gross written premiums increased 5% to €595m (Q1 2012: €568m). Allianz attributed the increase to higher business volumes and rate rises “across most lines of business”.
Group result
As a group, Allianz made a net profit of €1.7bn in the first quarter of 2013, up 4% on the€1.4bn it made in the same period of 2012.
Non-life operating profit was up 11.5% to €1.3bn (Q1 2012: €1.2bn) and the non-life combined ratio improved by 1.9 percentage points to 94.3% (Q1 2012: 96.2%).
Allianz said the better non-life results were caused by rising prices in most regions, improved underwriting results and a benign natural catastrophe environment.
Allianz UK will release separate results on Monday 20 May.
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