Allianz’s UK division made an operating profit of €40m (£35m) in the first quarter of 2011, down 5% on the €42m it made in the same period last year, according to the Allianz Group’s Q1 interim report.
The Q1 2011 combined ratio was 97.1%, up slightly in Q1 2010’s 96.5%. The combined ratio increase was driven by higher claims: the loss ratio increased to 65.3% from 62.8%, while the expense ratio dropped to 31.8% from 33.7%.
Allianz wrote UK gross written premiums of €519m in Q1 2011 (Q1 2010: €463m).
Excluding €19 million of favorable foreign currency translation effects, this was an increase of 8%.
Allianz said almost all business lines contributed to the UK premium growth. Tariff increases, especially in the motor and animal health insurance businesses, led to a positive price effect of about 5.4%. In addition, the insurer grew gross premiums in its private household and legal protection businesses by expanding its distribution network.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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