Press release -
Allianz Holdings announces UK employee EV salary sacrifice scheme
As part of its new rewards and benefits roadmap Allianz Holdings has unveiled an electric vehicle (EV) salary sacrifice scheme for its UK employees.
The dual-branded partnership, offered by ElectriX (part of LV= General Insurance) and CBVC Vehicle Management is available to all employees, who are given the option of electric and plug-in hybrid vehicles. For each employee the cost of the lease is calculated monthly and deducted from their gross salary through payroll.
In addition to the choice of cars the new scheme also provides:
- A bespoke portal to research the cars available, reviews and mileage bands
- An all-inclusive approach combining home charger, servicing, maintenance and breakdown cover provided by LV= Britannia Rescue
- Fixed cost motor insurance for 3 years
- Lifestyle protection if circumstances change
Guy Spence, managing director, ElectriX commented: “We’re so excited to have launched this scheme for Allianz employees. Sustainability is at the core of our business and by offering nearly 8000 people the opportunity to move to an EV is a huge step forwards in managing our own ‘grey’ fleet. Both Allianz and LV= insure EVs so this is a very natural extension of our aims as a commercial and personal lines insurer. It’s also a great addition to our employee benefits as a cost-effective way to introduce EV ownership. We’ve been touring our branch network as part of the launch and the initial feedback has been terrific.”
Julie Harrison, chief HR officer, Allianz UK commented: “We are always looking at ways to improve our employee offering to make Allianz a fantastic place to work and this scheme is particularly important as it combines our role as an employer and insurer. Unlike a personal lease, there is no upfront deposit or credit check required so the scheme removes upfront costs and opens up a wealth of choice. We know it’s something our people have been looking forward to and is a big milestone on our new benefits roadmap.”
Mike Manners, managing director, CBVC Vehicle Management added: “The CBVC Vehicle Management team is very excited to launch the salary sacrifice scheme for Allianz. Salary sacrifice offers such a brilliant option for both employers and employees and makes an electric car an affordable option. Introducing salary sacrifice at this scale, means that together we can make a real difference to the environmental, social and governance agenda and reduce carbon emissions.”
ENDS
Notes to editors:
- Fleet and leasing provider CBVC Vehicle Management runs the end-to-end leasing journey for ElectriX - the one-stop shop for electric cars from LV= General Insurance which is owned by Allianz Holdings.
- Salary sacrifice provides a tax efficient way for businesses to offer their employees a fully maintained electric vehicle and helps reduce the number of private cars used for business, known as grey fleet. Salary sacrifice is a useful addition to an employment package and typically offers employees a significant reduction on an electric vehicle compared with a personal lease. Unlike a personal lease, there is no upfront deposit or credit check required.
About CBVC Vehicle Management
CBVC Vehicle Management is a dynamic fleet management company based in Burton upon Trent in Staffordshire. The company has been expertly managing fleets for more than 20 years, offering customers class leading and innovative fleet and leasing management - all underpinned by personal service excellence.
With expertise in leasing and a focus on new technology, the expanding business is perfectly positioned to support customers in the transition to a decarbonised electric future.
For more information, go to https://www.cbvcvehiclemanagement.co.uk
About ElectriX
ElectriX is part of LV= General Insurance and was launched in 2022 and is a one-stop shop offering drivers with everything they need to get on the road with an EV – from leasing a vehicle, through to buying a home charger and getting insurance. LV= General Insurance provides car, home, pet, travel, landlord, breakdown and home emergency insurance to around 6.5 million customers in the UK and is the UK’s third largest personal lines insurer with just over £2 billion in annual premium in income.
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About Allianz Holdings plc
Allianz Holdings plc is the non-regulated holding company which owns the principal insurance operations of Allianz SE in Great Britain including Allianz Insurance
About Allianz
**As of March 31, 2023
***As reported – not adjusted to reflect the application of IFRS 9 and IFRS 17.
Cautionary note regarding forward-looking statements
This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, most notably the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
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