SYDNEY, Feb. 24, 2013 /PRNewswire/ -- Allianz Australia grew by a solid 10.7% in 2012 compared to 2011 to a record Gross Written Premium of AU$3.74 billion.
Profit for the year improved to AU$490 million, up from AU$420 million in 2011.
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's performance was underpinned by an improved Combined Operating Ratio, which reduced to 95.1% in 2012 from 97.6% in 2011.
"Our strong focus on customer service and disciplined underwriting has meant our premium growth has been accompanied by a continued solid profit performance. 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.
 The figures in this release are based on International Financial Reporting Standards (IFRS) for consistency with figures contained in financial results released by Allianz SE. Care should be taken in making direct comparisons between IFRS-based figures and those of other Australian insurers which may be prepared on an Australian Generally Accepted Accounting Principles (AGAAP) basis.
SOURCE Allianz Australia