Peiris hails record profit for Allianz Australia
Allianz Australia increased profit by 6% to a record $519 million in the year to December 31.
Gross written premium grew 5% to $3.9 billion, or 7% when the impact of the Victorian fire services levy is removed.
MD Niran Peiris says premium growth “came from a combination of growth in policy numbers and premium rates” and across all distribution channels.
The combined operating ratio (COR) improved to 93.5%, from 95.1% in 2012 and 97.6% in 2011.
“I am particularly pleased with our underwriting result, with our COR improving by more than 4% over the past two years,” Mr Peiris said.
“This has been achieved by our continued focus on customer service, disciplined underwriting and expense management, which is essential to achieving our financial targets because investment yields have significantly fallen over the period.”
Parent group Allianz recorded a 15% increase in profit to €6 billion ($9.16 billion).