Rate hikes push GWP up 8%

German insurer Allianz’s UK non-life division made an operating profit of €140m (£120.7m) in the first nine months of 2010, down 29% on the €196m it made in the same period last year, according to a group results statement.

The dip in operating profit comes despite an 8% increase in gross written premiums to €1.45bn from €1.35bn.

In the third quarter of 2010 alone, Allianz’s UK non-life operating profit was €49m, down 50% on the €98m it made in the third quarter of 2009. Third-quarter gross written premiums increased 8% to €463m from €427m.

Allianz said that lower UK non-life premium volume as a result of “portfolio cleaning” was more than offset by increased rates, especially in retail motor.

However, the company added that despite a challenging market commercial prices remained stable.

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

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.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.