Insurance firm parties despite flat profits

An insurance company has toasted its past and looked to the future despite flatlining profits.

Allianz has reported gross written premiums (GWP) for property and casualty business in the UK of €1.56bn (£1.1bn) for the first six months of 2015.

The result is up 17% from the €1.33bn achieved at the start of 2014.

But the figures, contained in the insurer’s group results, came with flat operating profit of €77m .

Allianz’s combined operating ratio (COR) of 98% for the six-months was identical to the result for the first half of 2014.

The figures were released as Allianz held a charity fundraising event for employees, to celebrate its 125th anniversary.

Allianz employees and their families celebrated at Allianz Park in North London and raised money for the Saracens Sport Foundation.

The Party in the Park, organised by event management company Paragon, featured 2,000 guests, representing the different Allianz companies in the UK.

The main stage featured a performance by Natalie Lowe and Ian Waite from BBC’s Strictly Come Dancing.

A spokesman for Allianz said: “This was one of a number of worldwide activities to celebrate the group’s 125 anniversary. The ‘Party in the Park’ held on 11 July was for employees and their families of Allianz companies in the UK. Around 2,000 people took part and £10,000 was raised for the Saracens Sport Foundation to help reach schools across the UK to encourage children from a range of backgrounds to get involved in sports.”

“We have been going 125 years and we wanted to celebrate. We are on track to realize our financial target which is to become a £36bn organisation in 2018.”

David Keel, head of communications at Allianz Insurance, said: “We were very impressed with Paragon’s creative approach to the brief which included a theme, activities and entertainment that will appeal to the wide range of age groups that will attend the day. They have also put significant thought into the logistics of managing such a large scale event.”

John Keenan

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John Keenan

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