Allianz's Asia P&C profits fell 22% in 2016

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The GI combined operating ratio deteriorated from 93.5% to 96.8% with both the loss and expense ratio climbing; meanwhile P&C gross written premiums fell 4% to €745m. In life insurance Allianz's Asia operating profit climbed to €84m after posting a loss of €83m in 2015. Both results were impacted by its Korean life business which was sold on 30 December to Chinese conglomerate Anbang; the 2016 result included a first quarter loss of €82m for Korea before the company was reclassfied as "h