Combined ratio steady at 95.8%
Allianz’s UK non-life operations made an operating profit of €142m (£121m) in the first nine months of 2011, according to group results.
This is a 1% increase on the €140m reported in the same period last year.
At the half year stage, Allianz’s UK non-life operating profit was 2% down compared with the prior year, at €89m (H1 2010: €91m).
However, UK non-life operating profit in the third quarter was up 8% to €53m (Q3 2010: €49m).
The nine month combined ratio was unchanged at 95.8%. In the third quarter lone the ratio improved 1.9 points to 94.9% (Q3 2010: 96.8%).
The third quarter improvement in underwriting profit comes despite claims from the UK riots in August.
Gross written premiums in Allianz’s UK non-life business increased 8% to €1.6bn in the first nine months of 2011 (9M 2010: €1.5bn). In the third quarter alone, gross written premiums were up 13% to €525m (Q3 2010: €463m).
Allianz said the UK premium number included €28m of negative currency effects, and attributed the increase to volume growth in its personal and commercial motor business. Allianz said rate rises, predominantly in motor, also supported the growth.
Allianz Insurance plc, Allianz’s UK non-life arm, will report its results separately on 21 November.
Group-wide, Allianz’s non-life operations made an operating profit of €3.10bn in the first nine months of 2011 (9M 2010: €2.98bn). Third quarter profit was slightly down at €1.11bn (Q3 2010: €1.12bn.
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