Allianz Cornhill 1st quarter profits rise despite falling volume
Allianz Cornhill this morning reported operating profts of £50.2m (2004: £46.5m) for the first quarter of 2005, while its gross general business income fell to £434m (2004 £463.7m). The insurer’s combined ratio improved to 94.7% (92.2%).
Chief executive Andrew Torrance noted that while its personal lines business delivered an underwriting profit, volumes fell as the business focused on writing for profit (2004: £89.3m to £70.2m).The
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