Allianz Australia recorded gross written premium of $4.06 billion last year, up 3.7% on 2013.

It marks the fifth year of continuous growth for the company, which has released local statistics following group results last month.

Operating profit last year was ahead of plan at $518 million, while after-tax profit was $384 million.

The combined operating ratio deteriorated slightly to 94.6%, compared with 93.5% in 2013, mainly due to the Brisbane hailstorm in November.

“Allianz Australia continues to record strong underlying growth across most distribution channels,” MD Niran Peiris said. “I am particularly pleased with our underwriting result… in light of November’s Brisbane hailstorm.

“While the low interest rate environment and the soft market are a continuing challenge, Allianz non-insurance businesses such as the NSW and Victorian workers’ compensation schemes and our SA compulsory third party operations have continued to perform exceedingly well.”