Allianz Cornhill chief executive Andrew Torrance described 2003 as “a year of considerable achievement and progress” as the company announced a 13.3% rise in net written premiums for 2003.
For the 12 months ending 31 December 2003, net written premiums reached £1.5bn, said Allianz Cornhill. Operating profit increased 37% to £159m.
Torrance said: “2003 was a year of considerable achievement and progress for the company. The strong position in which the company finds itself is due to a range of factors, not least of which are the technical skills shown by our underwriters from right across the business.
“Our commercial lines business exceeded all expectations and we are well on the way to becoming the leading commercial lines insurer.
“A priority personal lines strategy for 2004 will be to increase the positive impact of household business on our portfolio.” Allianz said premium income for its personal lines division grew by 4% during the year.
Allianz said its Legal Expenses business had been hit by the collapse of The Accident Group. Torrance said he remained confident that the market would remain strong for both before the event and after the event insurance, which he predicted would result in a much better 2004 for the sector.
Allianz Global Risks recorded a loss for 2003, said the company. It said the loss related to business conducted prior to the establishment of the Global Risks division in its current form during 2002. A profit was made on current business, said the company.
