Combined ratio solid at 95.7%

Allianz’s UK non-life operation made an operating profit of €206m (£173m) in 2011, up 11% on 2010’s €185m, according to group results released today.

The combined ratio remained almost unchanged at 95.7% (2010: 96%).

The improvement comes on the back of a 9% increase in gross written premiums to €2.1bn (2010: €1.9bn).

In the fourth quarter alone, Allianz’s UK non-life profit increased 42% to €64m (Q4 2010: €45m). The quarterly combined ratio was also broadly unchanged at 95.5% (96.3%).

The UK result bucked the trend at the group level. Allianz’s group non-life operating profit fell 9.4% to €2.8bn (2010: €3.1bn). Group net profit was down 46.2% at €2.8bn (2010: €5.2bn).

Allianz UK will report its own UK GAAP results in sterling on 27 February.

For full annual results coverage, visit our Results Special page.

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