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Revenues increase 6.4% to £3.23bn for Allianz Group in UK

Press release -

Revenues increase 6.4% to £3.23bn for Allianz Group in UK

Allianz UK reports 55% increase in operating profit to £174.8m

Half year 2024 results released today reveal that Allianz Group’s insurance businesses continued to grow in the UK, with their combined revenue up 6.4% on the previous year to £3.23bn.

The figures released also reveal a strong performance by Allianz UK, the insurer’s general insurance businesses in the UK. Key highlights in the first six months of the year include:

  • 55% increase in operating profit to £174.8 million (HY23: £112.8 million)
  • 5.5% increase in Gross Written Premium to £2.21 billion (HY23: £2.095 billion)
  • 1.9pp improvement in combined operating ratio to 94.6% (HY23: 96.6%)

Commenting on the results, Colm Holmes, Chief Executive Officer, Allianz Holdings said:

“The first half of this year is an important chapter in the story of Allianz in the UK. I am pleased with the progress we made; the actions we took delivered improvements in premium, combined operating ratio and profit. These offer clear evidence that our strategy of focused expansion is working; indeed we are confident of carrying this momentum through to the end of the year and beyond. Feedback from customers, partners and brokers tells us our momentum is catching their attention – they like where we’re heading and how we’re getting there.

“For example, one year ago Allianz Commercial was introduced, creating a one-stop shop offering insurance solutions for mid-sized businesses, large enterprises and specialist risks. Premium in Allianz Commercial in the UK has risen by 5.9% since launch to £771 million (HY23: £728 million). Feedback from brokers and clients has been positive and encouraging, as they now experience a more joined-up mid and large corp business.

“GWP in the highly competitive personal lines market increased by 3.3% to £1.07 billion (HY23: £1.03 billion) as we continue to focus on delivering margin improvement. We remain mindful of the impact of claims inflation on the price of insurance for many. Claims inflation and repair costs remain stubbornly high, but the worst may be in the rear-view mirror. Our actions have reduced COR for Allianz Personal, bringing down costs and better supporting our customers. We are working hard on improving and simplifying the range of insurance options we offer. We are also investing in digital technologies and customer service experiences, which are among our greatest strengths.

“We have made great progress in further establishing the Allianz brand in the UK. We announced that we’re extending our long-standing partnership with England Rugby, with Twickenham becoming Allianz Stadium in September. We also launched the Allianz brand to retail consumers in motor and home, we are a proud sponsor of the Paris 2024 Olympic and Paralympic Games, and we are the official Insurance Partner of Team GB and ParalympicsGB.

“Our excellent Net Promoter Scores show the big part our people play in our success. Their hard work and determination every day to support our customers, clients and broker partners demonstrates Allianz at its best. We’ve just been recognised with Great Place to Work certification - accolades like this are a direct reflection of their hard work as well as the positive, inclusive and supportive environment they create every day. It’s an honour to lead such a group of extraordinary people.”

FINANCIAL HIGHLIGHTS

H1 2024 Financial Performance for Allianz Group in the UK

Revenue H1 2024 (£m) H1 2023 (£m) Variance
Allianz UK (Holdings) 2,179.3 2,024.5 7.6%
Allianz Commercial (formerly AGCS) | Allianz Partners |
Allianz Trade
1,055.2 1,015.9 3.9%
Total 3,234.5 3,040.4 6.4%


H1 2024 Financial Performance for Allianz UK (Holdings)

Gross Written Premium (H1 2024) H1 2024 (£m) H1 2023 (£m) Variance
Allianz UK (Holdings) 2,210.2 2,095.6 5.5%
Personal lines 1,066.0 1,032.1 3.3%
Commercial lines 770.9 728.1 5.9%
Specialty lines 373.3 335.0 11.5%



H1 2024 (£m) H1 2023 (£m) Variance
Operating profit 174.8 112.8 54.9%
COR - discounted 94.6% 96.6% (1.9)pp

SEGMENTAL HIGHLIGHTS

Allianz Personal, covering motor and home insurance, has enjoyed improved profitability despite the continuing impact of claims inflation. Our focus on prioritising underwriting profit has delivered good results and strengthened our position. We are investing in delivering an exceptional customer experience and have developed strong customer loyalty, having made a great effort to communicate market inflation challenges to them. Having stabilised margins, we will look to focus on sustainable, profitable growth.

Allianz Commercial has shown robust top line growth of 5.9% and continued strong profit performance. In H1, we saw good year-on-year growth in terms of new business and benefited from disciplined rate taking and strong retention. The overall COR improved despite more large losses in H1 than expected. Commercial motor continues to be challenging but we are beginning to see signs of recovery.

Allianz Specialty
, which focuses on animal health, continued to perform strongly with GWP growing 11.5% to £373 million and profitability also improving in pet insurance, despite falling pet sales post-Covid and high vet fee inflation. We are confident about continuing growth and strong performance in Allianz Specialty for the remainder of 2024.

OUTLOOK

Commenting on the outlook for Allianz UK, Colm Holmes continued:

“I am incredibly proud of the progress our people have made in delivering such a strong performance in the first half of 2024. Our people have been outstanding and I cannot thank them enough for all they have achieved. We will build on these strong foundations in the second half of the year.

“Allianz Commercial has started to deliver to its potential as a one-stop shop for all commercial customer needs. Market conditions remain tough but we look forward to this part of the business evolving further and getting closer to client needs.

“Our results show that we are well placed to respond to the intense competition in the personal lines market. We will continue to invest in introducing the Allianz brand in the UK. Although that will change how consumers and brokers know us, it will not change our focus on delivering competitive pricing. We will continue to sharpen our focus on the customer journey while developing new products and enhancing our service to better serve their needs.

“Allianz Specialty is a great success and that won’t change. PetPlan is the UK’s market leading pet insurer, and has a highly trusted brand that, like all of our businesses, puts our customers first.

“To sum up, the potential of Allianz in the UK is enormous. We have made progress but remain closer to the start of our journey to untap this potential than the end. Much more is yet to come. We are excited about the opportunities that lie ahead.”

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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

The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 737 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.

* Including non-consolidated entities with Allianz customers.

**As of December 31, 2023.

Mandatory corporate information: Corporate disclosures

These assessments are, as always, subject to the disclaimer provided below.

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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’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including related integration issues and reorganization measures, and (xii) 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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Paul Platt

Press contact Head of External Communications 07385 340347