Allianz Cornhill has reported a 25% rise in its third quarter profits to £170m over the same period in 2004 and an improved combined ratio of 93.7%.
The insurer said commercial lines business continued to perform strongly in competitive market conditions with net written premiums up 2.1% on last year.
However, it said that personal lines broker business net premiums fell 20% over this time last year reflecting the continuing soft market conditions in the motor market and the more competitive conditions in the household market.
The company said that despite the reduced top line figures, underlying profit performance was encouraging with a combined ratio of 99%.
Andrew Torrance, Allianz Cornhill's chief executive, said: "Our top line has not reached expectations but I am comfortable with this. I have continued to emphasise this message to my underwriting colleagues and I take great satisfaction in the success we have achieved in remaining steadfast in our determination to write business only where we feel there is the potential for an acceptable return.
"We have remained resolute to this principle despite the obvious temptations we have faced from competitive market pressures, particularly when it comes to capturing new business."
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