Allianz Posts Strong Results For 1st Half of 2022

Some extracts from the Allianz UK Half Year Results, posted recently;

Half year results for Allianz Group released reveal that the business continues to grow in the UK, achieving a total revenue of £2.88bn – up 12.9% on previous year.

Allianz’s insurance businesses in the UK

Total Revenue H1 2022 Total Revenue H1 2021 Variance
Allianz Holdings 1,956.6m 1,862.6m +5.0%
Allianz Global Corporate & Specialty 668.3m 508.9m +31.3%
Allianz Trade 95.2m 93.1m +2.3%
Allianz Partners 162.2m 88.7m +82.8%
Total 2,882.3m 2,554.9m +12.9%

Allianz Global Corporate & Specialty UK continued its trend of positive development, growing its gross written premium by over 30% on the equivalent period in 2021, driven by new business development and continuing rate momentum. Allianz Holdings achieved strong levels of growth across the business in H1. Euler Hermes rebranded as Allianz Trade in the first half of the year. The core business of trade credit insurance saw positive commercial evolution through a strong performance in both new business and client retention. Following recent client wins, Allianz Partners UK is focused on implementing this new business in a post-Covid world, ensuring it continues to deliver great experiences to clients and customers.

Allianz Holdings delivers strong growth for first half of 2022

Allianz Holdings plc has announced 5% growth in the first six months of the year with a Gross Written Premium (GWP) of £1,957m.

Allianz Holdings

HY 2022 HY 2021 Variance
Gross Written Premium (GWP) 1,957m 1,863m 5%
GWP Allianz Personal 1,263m 1,229m 3%
GWP Allianz Commercial 694m 630m 10%
Operating Profit 99m 170m -42%
Combined Operating Ratio (COR) 97.2% 91.7% 5.5%

Commenting on the figures, Colm Holmes, CEO Allianz Holdings, said:

“I’m pleased with Allianz’s performance. We’ve seen strong trading in the first half of the year, although this was impacted by motor claims returning towards pre-pandemic levels, the February storm events and increasing inflationary pressures.

“As we enter the second half of the year, we’re doing the right things to navigate market challenges and we remain in very good shape with a strong set of results behind us. The scale and diversity of our business means we’re well positioned for profitable growth. With a continued focus on profitably, expense management and a clear risk appetite, I’m confident in Allianz’s ability to steer our way through these turbulent conditions.”

Business Performance:

Allianz Holdings delivered good levels of growth across the business with a 5% increase in revenue to £1,957m (HY2021: £1,863m). Operating profit fell by 42% to £99m (HY2021: £170m) and the Combined Operating Ratio (COR) deteriorated to 97.2% (HY2021: 91.7%). A key driver behind the fall in profitability was the continued increase in motor claims frequency as drivers returned to the road after lockdown. The result was also impacted by the cost of the severe February storms which amounted to £50.1m across Allianz Commercial and Allianz Personal. All parts of the business are also seeing the unexpectedly high rate of inflation, which is running ahead of our predictions and pricing assumptions at the beginning of the year, hit Allianz’s profits.

Allianz Personal achieved an increase in revenue with GWP at £1,263m, up 3% compared to HY 2021.

The LV= Retail business also saw good growth and retention following the implementation of the FCA General Insurance Pricing Practices, which has led to a reduction in people shopping around and a significant number of customers renewing.

Allianz Commercial delivered growth of 10% year-on-year and a GWP of £694m, driven by a strong underwriting performance and the success of its new regional structure which brought together the Commercial Broker Markets and the Engineering, Construction & Power (ECP) businesses.


In Allianz Personal, LV= reached one million customers across home and landlord policies, cementing its top-three market share in both motor and home and Petplan continues to maintain its market-leading position.

Customer satisfaction remains at an exceptionally high level and LV= was once again named a Which? Recommended Provider for both car and home insurance.

The integration of the Legal & General general insurance business will be completed by the end of 2022, with multiple products available to independent financial advisers – a new distribution channel for LV= General Insurance. Meanwhile, in Broker, insurer hosted pricing and machine learning have been deployed, improving the technical excellence of the business and benefitting brokers.


Colm Holmes concluded:

“The UK undoubtedly faces tough economic conditions as the rate of inflation continues to pose a significant challenge. Insurance premiums have to be in line with claims costs and sums insured and we will continue to develop our pricing models to reflect this, to maintain our margins whilst offering competitive solutions for our customers.

About alastair walker 12131 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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