Allianz Cornhill improved its pre-tax profit by 21% to £71m in the third quarter of 2006.
The insurer's combined ratio for the year to date has improved slightly, by 0.6% to 93.1%.
In terms of gross business premium, in the third quarter commercial lines were up 2.2% to £793m, while personal lines and specialty business were down by 11.7%, to £190.2m, and 4.2%, to £257.2m, respectively.
Andrew Torrance, chief executive, commented: “Despite the challenging nature of the markets within which we compete, I am pleased to report that the business is on track to have an excellent financial year in 2006 with profits well ahead of plan and a return on capital exceeding 20%.
“At the end of Q3 insurance profit was 18 per cent ahead of plan — a performance which reflects our strong and disciplined approach to underwriting the risks we have on our books. This is particularly so in our commercial division.
“The two acquisitions, Home and Legacy and Premierline, made respectively in June and August of this year, are trading in line with expectations. Good progress is being made in making them part of the Allianz Cornhill family.”
