Allianz Cornhill - Press Centre - Press Story

Allianz Cornhill - Press Centre - Press Story: "Profits up 22.1% over same period in 2004

Group combined ratio improves to 93.9%


CEO Andrew Torrance, is pleased with the company�s profit performance during the first half of the year despite lower than expected premium volumes.

Mr Torrance is confident the company is well placed to enjoy a strong second half with the continuing strategy of writing for profit before volume representing the key to the organisation�s sustained success.


Q2 2005 Business Highlights

�Commercial Lines business continues to perform strongly with net written premiums up 3.6% over the same period last year. Fleet and small commercial business performance were particularly pleasing. Strong underwriting performance resulted in the combined ratio outperforming expectations.

�Personal Lines broker business GWP is 23.0% lower than this time last year. However, just under half of the decrease is due to the withdrawal from the Broker Direct account.

Direct business GWP income is 3.0% up on the same period last year and the 98.0% combined ratio is better than plan.

�Speciality business GWP is 13.5% down over the same period last year. However, the business continues to offer attractive returns from its three component parts, Schemes, Animal Health and Legal Protection.




Q2 2005 Financial Highlights � Group Level

Q2 2005 Q2 2004

Profit (Before Tax)
� 111.0m � 90.9m

Gross General Business Premium Income
� 876.6m � 936.6m

Combined Ratio
93.9% 95.1%

Underwriting Result
� 40.0m � 33.1m


Q2 2005 Financial Highlights � Divisional Level


Q2 2005 Q2 2004

Commercial Li"