Allianz Australia grew pre-tax net profit to $484 million last year, up 60% on 2008.

MD Terry Towell says the local arm of the giant German insurer grew gross written premium by 10% to more than $2.8 billion.

He says it’s a pleasing result, considering the uncertainties and economic impacts of the global financial crisis.

“I am particularly encouraged by the fact that the overall result was made up of solid rate increases and risk count growth, with all key divisions recording good growth,” he said.

A post-crisis turnaround in investment returns also boosted the result.

The underlying combined operating ratio (excluding discount rate adjustment) was an improved 95.5% against 98.6% in 2008.

Mr Towell says the figure reflects improved profitability, driven by cycle management (improved risk selection) and rate rises, resulting in a loss ratio last year of 70.3% against 73.2% in 2008.

“Allianz’s stringent expense management also made a contribution, with our expense ratio (excluding fire services levy) falling from to 22.4% to 21.9%,” he said.