Insurer’s Aussie arm posts $519m profit for 2013

Insurer’s Aussie arm posts $519m profit for 2013 | Insurance Business

Insurer’s Aussie arm posts $519m profit for 2013
Allianz Australia grew by 4.7% in 2013, bringing gross written premium to $3.9bn and operating profit to a record $519m.

A statement from the insurer said that the year-on-year growth rate was 6.6%, once the impact of the Victorian Government abolishing the Fire Service Levy from July 2013 had been taken into account. Operating profit in 2012 was $490m.

“Allianz Australia continues to record strong underlying growth across all our distribution channels and [premium growth] came from a combination of growth in policy numbers and premium rates,” Said managing director Niran Peiris.

“Allianz Australia continues to make a positive contribution to the performance of our parent company, Allianz SE, and the credit for this rests with our dedicated employees and the support of our business partners,” Mr Peiris said.

Allianz’s performance was underpinned by an improved Combined Operating Ratio (COR), which reduced to 93.5% in 2013 from 95.1% in 2012 and 97.6% in 2011.

“I am particularly pleased with our Underwriting Result, with our Combined Operating Result improving by over 4.0% over the past two years,” added Peiris. “This has been achieved by our continued focus on customer service, disciplined underwriting and expense management which is essential to achieving our financi