Allianz which also owns the LV= brand in the UK, has published its financial results for 2020;
- Expanded Allianz business, incorporating LV= General Insurance and L&G General Insurance
– Almost doubles GWP
– Delivers £192m (196%) increase in Operating Profit
– Shows 4 percentage point improvement in COR.
- Total impact of COVID-19 Business Interruption BI claims in 2020 was £175m, net of reinsurance
- Payments have been made on 1800 COVID-19 Business Interruption (BI) claims to date, totalling £40m and including 78% of valid SME claims.
Jon Dye, CEO, Allianz Holdings said: “The results we are announcing today demonstrate the resilience of our business and the benefits that can be gained through managing a large and diverse portfolio. The COVID-19 crisis has impacted different lines of business in different ways, for example the reduction in claims frequency in some books and the significant claims for Business Interruption. Other external factors impacting the 2020 figures included rising claims inflation and supply chain challenges, large losses, weather events and the general slowdown in economic activity.
“But our business is resilient. Our successful 2020 result was built on the ability of our colleagues to adapt to new working environments, the trust and support of our brokers, intermediaries, customers and suppliers and our flexibility to adapt our products, processes and protocols to the changing demands and dynamics of the market.”