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.
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