Allianz chief sees room for underwriting improvement despite good results
Allianz UK CEO, Andrew Torrance, has conceded that the insurer’s underwriting performance is not good enough despite recording top line and profit growth and producing an overall combined operating ratio (COR) of 95.7% and a commercial one of 94%.
Putting this in context, rival firms RSA and Ageas recorded overall CORs of 95.7% and 98.8% respectively.
Their commercial CORs were much less healthy at 100% and 110.9% respectively.
Axa produced a COR of 98.9% and would not reveal its commercial equivalent.
Discussing the insurer's results, Mr Torrance said: “There were further reserve releases in 2011 and we made an underwriting profit of £70m, 50% of which were reserve releases.
“A result at this level is not acceptable – it needs to be at
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Analysis: Aviva’s bid for DLG – what are the pros and cons for UK insurance brokers
The industry was abuzz last week with the ramifications of Aviva’s £3.3bn bid for Direct Line Group. Jonathan Swift reflects on the weekend’s developments, and what the deal might mean for UK brokers should the possibility of a green light gain momentum in the coming weeks.
Allianz Commercial appoints regional head of multinational as Hegel promoted
Allie Chadwick has been named regional head of multinational in the UK at Allianz Commercial, effective immediately.
Sompo priortising regional hires and MGAs over expanding broker panel
Sompo International remains “open minded” to further regional expansion, but is happy to build on its existing locations in Birmingham and Manchester for now.
Ageas promotes Beckett to MD of broker and partnerships
Ageas UK has appointed chief distribution officer Adam Beckett to the newly created role of managing director of broker and partnerships.
Ecclesiastical partners with Clear on local councils scheme
Ecclesiastical has teamed up with Clear Councils, part of Clear Group, adding the broker’s local councils insurance to its schemes book in an arrangement that will come in to force at the start of 2025.
Industry reacts to discount rate change
Insurance industry specialists have welcomed the government moving the personal injury discount rate to 0.5% with PwC calculating it will lower motor premiums by £50 on average.
Personal injury discount rate shift will cut motor premiums, says PWC
The government will move the discount rate applicable to personal injury lump sum compensation payments to 0.5% as of 11 January 2025.
Rokstone launches disgrace cover
Managing general agent Rokstone has added to its contingency product suite with the launch of disgrace cover.