Insurance Post

Allianz CEO lowers 2010 expectations

Andrew Torrance Allianz August2009

Allianz chief executive Andrew Torrance has conceded the insurer has lower expectations for 2010, after its operating profit fell 10.7% in the first quarter of the year.

Overall, group profit reduced to £36.7m (Q1 2009: £41.1m) despite gross written premium increasing by £18m to £411.3m.

Mr Torrance commented: "We are planning for a lower level of profit in 2010

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