The latest financials from Allianz UK are impressive, especially in sectors like Motor where a profit of £114m was posted last year. The Pet sector also provided strong growth, with a profit of £107m.
A general increase of 52% is also excellent, although such figures provide ammunition for critics of the insurance industry, who see companies as essentially profiting from a captive market in many ways. It is a highly regulated market of course, which adds costs – as does the IPT duty.
Perhaps if the annual highlights included a heading on the amount of tax raised for the UK government as a percentage of turnover, plus the percentage of claims paid out, these details might assuage public anger to a degree?
Just an idea. Here are the results;
Full year results for Allianz Group released today reveal that the organisation continued its focussed expansion in the UK insurance market during 2024, achieving a combined total revenue of £7.07 billion across Allianz UK, Allianz Commercial, Allianz Trade and Allianz Partners.
The figures demonstrate a confident performance by Allianz UK, the insurer’s general insurance businesses in the UK.
Key highlights for Allianz UK in 2024 include:
- 52% increase in operating profit to £367.8 million (FY23: £241.6 million)
- 5.5% increase on total business volume to £4,658.7 million (FY23: £4,416.3 million)
- 1.9pp improvement in combined operating ratio to 95.0% (FY23: 96.9%)
- Strong performance in Personal, Commercial and Speciality businesses
- The launch of the Allianz brand through new personal home and motor products as well as partnership activations such as the Allianz Stadium
- Allianz UK was awarded the Gracechurch Quality Service Marque for the ninth year in a row and maintained NPS loyalty leadership across its Personal, Commercial and Specialty businesses.
Outlook:
Colm Holmes, Chief Executive Officer, Allianz UK noted;
“I’m very pleased when I look back at 2024, as it’s the year we started to realise some of our potential. A 52% increase in operating profit to £368 million reflects an exceptionally strong year and signals our growing presence in the UK insurance market.
“Our plan to deliberately focus our effort on disciplined, profitable growth is working. Through improved technical expertise and pricing capabilities we traded successfully in challenging markets; we invested in talent, we simplified our range of insurance products, expanded our brand portfolio, distribution channels and range of partnerships, and we invested in improvements to customer service experiences. This approach has been resoundingly recognised across all our business lines with Allianz UK maintaining NPS loyalty leadership across Personal, Commercial and Specialty.
“Allianz Specialty, specifically Petplan, maintained its market leadership in the UK and remains a highly trusted brand with vets and customers. It continued to deliver another exceptional performance in 2024 in both premium growth and profitability. Commercial lines continued to deliver strong underlying profitable growth, and we have continued to deliver on the turnaround of our Personal lines business. It has made strong inroads into the consumer market with the launch of the Allianz brand through new personal home and motor products, as well as partnership activations such as the Allianz Stadium.
“Our business transformation programme aimed at re-platforming our Commercial business, and our investment in simplification and digital trading, is beginning to pay dividends. However, while I’m pleased with our results the job is by no means finished and there’s much more to come. We will continue with our sizeable investment in data and technology to support our people and customers, and deliver continued strong profitable growth across our business.”
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