Broker channels contribute to insurer’s $4bn premium growth

Broker channels contribute to insurer’s $4bn premium growth

Allianz Australia’s distribution divisions are said to have contributed “evenly” to premium growth in 2012.

The insurer today posted a total gross written premium of $3.74bn for the financial year 2012 compared to $3.4bn in 2011.

Profit jumped $70m, from $420m in 2011 to $490m; while the company shaved 2.5% off the combined operating ratio, bringing it down to 95.1%.

Commenting on the results, managing director Niran Peiris said: “Allianz Australia continues to record strong year-on-year organic growth. Premium growth was seen across all of our distribution channels and came from a combination of growth in policy numbers and premium rates. The results in 2012 were assisted by more benign weather than 2011, which was one of the worst years on record for natural catastrophes in Australia.”

Allianz Australia would not disclose performance figures relating to the distribution channels but a spokesman said: “In broad terms, all Allianz's distribution divisions contributed evenly to premium growth in 2012.”

Last week, Suncorp Australia reported a half-yearly GWP of $3.8bn; while Insurance Australia Group’s broker-facing insurance brand CGU reported a half-year GWP of $1.4bn.