Product category:
General insurance
News Release from: Allianz Cornhill Insurance plc | Subject: Insurance
Edited by the Insidemoneytalk Editorial
Team on 16 November 2007
Allianz Insurance announces 2007 third
quarter results
Financial Highlights
Weather events during 2007 have cost £83m but despite this, Allianz is on track to record a satisfactory end of year profit Group net written premiums have increased by 8.6% compared to the same period last year
This article was originally published on Insidemoneytalk on 23 Feb 2007 at 8.00am (UK)
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New addition at ACLP
Allianz Cornhill has appointed Sue Powell as Before the Event (BTE) claims handler.
Commercial Lines NWP grew strongly, up 11.3% over the same period last year which represents good growth across the business Personal Lines.
NWP grew by 9.6% compared to the same period last year with particular improvement in broker motor business, up 22.0%.
In Speciality, the Animal Health business continues to perform strongly with NWP up 8.8% over Q3 2006.
Statement from Chief Executive Officer Andrew Torrance.
"As I said in my half year statement, our financial performance in the second half of the year has been negatively influenced by the losses caused by weather claims.
Without the impact of this year's storms and floods, our level of profit level would have comfortably exceeded our performance in the same period last year.
Whilst such a hit to our profits is obviously unwelcome, as an insurance company you have to accept that adverse weather events will occur from time to time.
What is important is the profile of your book of business and the capability of your people and I am very happy that we are very well positioned on both counts and ready to leverage our strong position when the cycle turns in order to drive significant growth in our business.
The weather losses have provided a wake up call to our industry that we have recently been receiving too little premium for the exposures we assume on behalf of our customers.
The increase in rates which commenced in private car a year ago needs to be extended across all our principal personal and commercial lines of business.
At Allianz we are already taking the necessary action.
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