Allianz Group announces revenue of
£2.9bn in the UK

Posted: 05 August 2022


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Allianz's insurance businesses in the UK Total revenue H1 2022 Total revenue H1 2021 Variance
Allianz Holdings plc £1,956.6m £1,862.6m +5%
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 plc has announced 5% growth in the first six months of the year with a Gross Written Premium (GWP) of £1,957m. 

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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.”

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, with direct own brand in-force policies also growing 3%. This was due to a particularly strong performance from Petplan, which saw greater focus and alignment by moving into the Allianz Personal family of brands, and the successful launch of Flow, LV=’s digital only motor proposition. 

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. Growth, however, was offset by lower new business volumes in the home market.  

Overall, the Allianz Personal business is seeing the benefits of its multi-distribution and multi-brand approach, combined with improved pricing capability.

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.

Commercial Property performed particularly well, achieving good levels of profit and growth as the benefits of previous remediation work on the portfolio came to fruition. The Engineering business continued to grow and deliver strong results, while Allianz is also starting to see the benefits of its investment in SME digital transformation. Commercial new business was ahead of plan as a result of good targeting, clarity of risk appetite and the mobilisation of trading teams.

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.

This year Allianz Commercial once again achieved the 2022 Gracechurch Claims Service Quality Marque, demonstrating that brokers rated its digital capabilities and the expertise of claims handlers. Most recently the Gracechurch Q2 mid-market claims survey revealed that Allianz has strengthened its position and is rated by brokers as best in class for FNOL across motor, property and casualty.

Allianz Commercial performed well in a number of broker surveys, reflecting the strength of its relationships. The company was recently awarded Commercial Lines Insurer of the Year at the British Insurance Awards in recognition of its sustainability initiatives, proactive approach to claims during the pandemic and excellent relationship with our brokers. 

As part of its commitment to shape a more sustainable future, this year Allianz became the first insurance partner of Solar Energy UK in order to support its solar power insurance customers. The organisation also announced that 100% of the electricity its UK offices uses now comes from renewable sources.  It has also continued to successfully roll out the Allianz Net Zero Accelerator, assisting brokers in measuring and reducing their carbon footprint, helping them on their journey to net zero. 

Two new Green Heart Standard schemes were launched to make the supply chain more sustainable and Synetiq was appointed as the new salvage supplier, with the aim of increasing the number of green parts used to repair vehicles. 47% of LV= customer repairs are also now being done by carbon neutral bodyshops. 

Allianz employees have reached the impressive milestone of raising over £1m for Mind, its charity partner for the past three years, while LV= General Insurance continued its charity partnership with Family Action – now in its second year - and launched a new  initiative with its repair garages to provide men with support for mental health. The Allianz Sports Fund has continued to support the local communities of brokers with donations made to more than 122 sports clubs. As part of LV= GI’s ongoing partnership with the England and Wales Cricket Board, the grassroots initiative #Funds4Runs will be supporting the development of 4,000 coaches which will have an impact on 20,000 players from all levels of the game each year.

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.

“We have exciting plans in place to drive the development of innovative products and services and there are also some excellent opportunities to grow existing propositions. Through continued investment in digitalisation, simplifying our business and a focus on customer centricity, we’re in a fantastic position to support our people, customers and communities.”

The information contained in this press release relates to Allianz Insurance plc. Allianz Insurance plc is one of the largest general insurers in the UK and part of the Allianz Group.

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.

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million* private and corporate customers in more than 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 790 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 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 amongst the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2021, over 150,000 employees achieved total revenues of 148.5 billion euros and an operating profit of 13.4 billion euros for the group.

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

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.

No duty to update

The Allianz Group assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.
*Including non-consolidated entities with Allianz customers.

Allianz Holdings

David KeelHead of Communications, Allianz Insurance


Mobile: 07771 794 978

Allianz Partners

Justine Hoadley or Clare Watson, Harrison Sadler


Mobile:  0208 977 9132  or  07775 522210  


Hugo Kidston, Global Head of Communications, AGCS


Mobile:  07781 803 690    

Euler Hermes

Adrian Russell, Communications Manager, Northern Europe, Euler Hermes


Mobile:  07931 121 931   

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