Allianz UK profits down 20%

Allianz UK profit's fell nearly 20% from 230m Euros in 2009 to 180m Euros last year.

Gross written premiums dropped from 1.9bn Euros to 1.8bn, although earned premiums rose from 1.6bn to 1.8bn euros.

Globally, Allianz Group announced a strong set of results in 2010, growing property and casualty operating profit 5.9% to 4.3bn euros.

Total gross premiums written in P&C increased 3.2% to 43.9bn euros in 2010, compared to 2009.

Catastrophe losses tripled in 2010 to 1.3bn euros, but the German financial giant fought off the impact with improved underwriting and buoyant investment income.

The combined ratio improved (COR) to 97.2% from 97.4% in 2009 as France and Italy performed strongly.

The COR was helped by positive reserve developments and recovery in the credit insurance business.

Oliver Bate, board management member, said: "Overall, we demonstrated a robust performance in a difficult market environment. In terms of operating profit, the fourth quarter was our strongest quarter in two years."

In life and health insurance, operating profit grew 7.4% to 2.9bn euros, compared to 2.7bn euros last year.