Allianz Australia profit eases in Q2
Allianz Australia’s general insurance operating profit dipped 25% to $121.6 million in the second quarter this year compared with the same period last year, reflecting to some extent lower underwriting trends for Allianz globally.
Gross written premium for Australian operations rose 5% to $703.7 million in the same period, while it managed to shave 0.6 points off the combined ratio at 88.6%.
Across the global group, net income was down 16% in Q2 at €1.87 billion ($3.2 billion).
The global property/casualty business suffered lower underwriting results and investment income, with net profit sliding 59% to €749 million ($1.28 billion). The combined ratio deteriorated 5.4 points to 98.9%.
Allianz blames the impacts of the recession, a high number of small weather-related claims, large claims in France and singular events such as the Abruzzo earthquake in Italy.
The group’s life and health business was a bright spot in the quarter, with net income surging 56% to €661 million ($1.13 billion).
“Overall, we achieved very good quarterly results,” CEO Michael Diekmann said. “Allianz is prepared for what we perceive as ‘the new normal’, an ongoing challenging market environment with structurally lower returns.”
Gross written premium for Australian operations rose 5% to $703.7 million in the same period, while it managed to shave 0.6 points off the combined ratio at 88.6%.
Across the global group, net income was down 16% in Q2 at €1.87 billion ($3.2 billion).
The global property/casualty business suffered lower underwriting results and investment income, with net profit sliding 59% to €749 million ($1.28 billion). The combined ratio deteriorated 5.4 points to 98.9%.
Allianz blames the impacts of the recession, a high number of small weather-related claims, large claims in France and singular events such as the Abruzzo earthquake in Italy.
The group’s life and health business was a bright spot in the quarter, with net income surging 56% to €661 million ($1.13 billion).
“Overall, we achieved very good quarterly results,” CEO Michael Diekmann said. “Allianz is prepared for what we perceive as ‘the new normal’, an ongoing challenging market environment with structurally lower returns.”