Allianz Group transportation, shipping and aviation insurance specialist subsidiary, Allianz Marine & Aviation said it had excellent underwriting results during 2003 as it announced its full year results.
It said its combined ratio had improved from 95% in 2002 to 87% for the year, with profits after tax up from €17m in 2002 to €64m for the year.
Gross written premiums fell from the 2002 figure of €1.4bn to €1.1bn, but the company said the fall was in line with expectations, and reflected its decision to tighten the focus of its underwriting, as well as the weak US dollar.
For the Marine business, gross written premiums were approximately €0.5bn, while for the Aviation business it reached approximately €0.8bn.
“Disciplined underwriting is the key to success in these markets. This is particularly true as the market for Marine and Aviation insurance remains highly competitive and requires a truly specialist approach,” said Allianz Marine & Aviation chief executive officer Heinz-Werner Hof.
Hof added that he was keen to expand the company's general Aviation and Pleasure Craft portfolios during 2004. “These markets fit well with our specialist strategy and with our distribution network. We are therefore developing a number of relationships and strategic initiatives in these segments.”
The company said it had secured its place in the market since its formation in 2002 by maintaining effective underwriting discipline with an emphasis on risk selection and profitability instead of premium volume.
The specialist division said it would concentrate on recruiting specialist staff and investing in its back office systems as part of its strategy for 2004.
