UNDERLYING PERFORMANCE AT ALLIANZ IS STRONG AND THE OUTLOOK IS POSITIVE
Allianz UK (Local) Financial ResultsQ1 2017Q1 2016Gross Written Premium£545.0m£547.3mOperating Profit£37.5m£ 47.4mCombined Operating Ratio96.7%95.9%
The change to the Discount Rate had a £58.3m impact on the company’s existing reserves which resulted in a restatement of the 2016 financial results on a local basis. The effect of the change was to reduce the 2016 profit number