Premiums up 3% on like for like currency and 2.9 off ratio

Allianz reported net income up 13% to €4.7bn on revenues up 5.2% to €97.4bn and an operating profit down €147m to €7.2bn. Property & casualty operating profit fell 28% to €4,064m with P&C net income down 37.5% to €2,779m.

The insurer this morning told Insurance Times that its UK GWP dropped from €1.924bn to €1.7836bn because of currency and was up 3.7% without currency changes. The UK combined ratio improved from 95.1% to 92.9%.

Financial highlights € (2008 in brackets)

  • Total revenues (92.6bn) 97.4bn
  • Operating profit / loss (7,329m) 7,182m
  • Property-casualty (5,647m) 4,064m
  • Pre-tax profit (5,473m) 5,328m
  • Net income from continuing operations (4,186m) 4,740m
  • Property-Casualty (4,447m) 2,779m
  • Net income / loss (2,187) 4,345
  • P&C Combined ratio (95.4%) 97.4%

Michael Diekmann, chief executive of Allianz SE, said: "2009 was an important and successful year for the Allianz Group. While the financial crisis undoubtedly impacted our results, we have nevertheless delivered a very robust and sound performance quarter on quarter. This reliability is highly-valued by our customers and all our other stakeholders alike."

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