Allianz Global Assistance posts record turnover for 2011

Allianz Global Assistance, of which Mondial Assistance UK is a member, achieved global turnover in excess of €2bn for the first time (€2.05bn) representing an increase of 8.5% over 2010.

The group recorded net profit of €62.3m, maintaining profitability in a difficult context in terms of sales and claims. The 2011 combined ratio was 96.8%.

All geographic regions and the group's three lines of business - automotive, travel and health & home - contributed to growth in 2011, according to the firm.

"2011 was a successful year despite the complex global environment. We are particularly proud of our results, which concretely reflect our collective efforts and commitment to our strategy," said Rémi Grenier, CEO of Allianz Global Assistance.

"For the first time in the history of the group, all entities reached or exceeded break even in 2011."

Serge Corel, CEO of Mondial Assistance UK, added: "Economic challenges did not stop the UK from succeeding in renewing strong relationships and winning new clients across the automotive and travel assistance and insurance sectors, with our extended used car warranty notably growing by over 15% year-on-year.

"Alongside this achievement we have brought to market a new health division which is set to mirror the developing healthcare services of the group.

"Services linked to home and daily life are a key focus of expansion for Mondial Assistance UK as we undergo our transformation to become Allianz Global Assistance in the UK later this year.

"Indeed, 2012 is set to be an exciting year of brand evolution for us as we bring innovation and expertise in the field of customer assistance to Allianz."