Allianz UK saw its profit fall 2% in the first half of 2011, Allianz’s group accounts reveal.

Allianz’s UK operating profit was €89m (£77.5m) in the first half of 2011 compared with €91m in last year’s first half. The company’s first half combined ratio was 96.2% - 0.9 points worse than the 95.3% it posted in the first half of 2010.

The decline comes despite a 6% increase in gross written premium to €1.1bn (H1 2010: €991m).

In the second quarter alone, Allianz UK’s operating profit remained flat at €49m. Gross written premiums increased 1% to £533m, and the combined ratio increase 1.2 points to 95.4%.

Allianz Insurance plc, Allianz’s UK division, reports its results next week.

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