Allianz grows to £5.4bn in the UK

Posted: 18 February 2022


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Allianz's insurance businesses in the UK Total revenue 2021 Total revenue 2020 Variance
Allianz Holdings plc £3,893m £4,018m -3.1%
Allianz Global Corporate & Specialty £1,137m £932m +22.0%
Euler Hermes £186m £186m +0.2%
Allianz Partners £203m £174m +16.5%
Total £5,419m £5,310m +2.0%
Allianz Global Corporate & Specialty (AGCS) benefitted from good rate momentum in the market as well as strong new business, with Financial Lines, Energy & Construction and Entertainment driving the business. Improvement in economic conditions and new client wins drove Allianz Partners’ growth, while Euler Hermes achieved strong retention rates in its trade credit insurance business with top line development being limited by the low insolvency environment. The soft motor market impacted the premium income for both the Commercial and Personal sides of Allianz Holdings’ book, leading to a small decline from the previous year.
Chris Townsend, Member of the Board of Management of Allianz SE, responsible for Global Lines including Allianz Global Corporate & Specialty and Euler Hermes, Reinsurance, Anglo Markets, Middle East and Africa said: “As Allianz Group, we continue to grow our property and casualty business in relevant markets around the globe. The 2021 results for our UK operations demonstrate that this is a key market for Allianz and indicate that we are well positioned for profitable growth. This success is based on a clear customer focus and excellent portfolio management.”
Sirma Boshnakova, Member of the Board of Management of Allianz SE, in charge of the Allianz Partners Global line, added: “I am very pleased with the great performance of Allianz Partners in the UK and the strong collaboration of our teams with the other UK businesses. Together we are taking our peace-of-mind solutions to the next level for our customers and business partners.”

Allianz Holdings plc announces a 9.4% increase in Operating Profit, to £318m, in its results for the full year ending 31 December 2021.

Combined Operating Ratio also improved by 1.2 percentage points to 93.2%, while Gross Written Premium (GWP) fell slightly to £3.8bn.

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Allianz Holdings FY 2021 FY 2020 Variance
Gross Written Premium (GWP) £3,798m £3,922m -3.2%
GWP Allianz Personal £2,543m £2,584m -1.6%
GWP Allianz Commercial £1,250m £1,284m -2.7%
GWP other (run off) £5m £54m -91%
Operating Profit £318m £290m +9.4%
Combined Operating Ratio (COR) 93.2% 94.4% -1.2pp
Commenting on the figures, Colm Holmes, CEO Allianz Holdings, said: “The figures we are releasing today show that Allianz continues to deliver strong results, even in the most difficult of market conditions. We know that 2021 was another tough year for people and businesses, as the pandemic continued to impact every aspect of our day-to-day life, but we have been there to support our customers when they needed us the most. Our results show the importance of having a balanced portfolio of business across Personal and Commercial lines, through direct and intermediated channels, as well as having the technical expertise to steer our way through turbulent market conditions.”

In another year of market uncertainty and challenging trading conditions, Allianz Holdings maintained a steady performance and delivered a robust set of results, thanks to the strength and diversity of its product portfolio.

Gross Written Premium fell back slightly, driven in the main by the impact of the soft motor market on both Allianz Personal and Allianz Commercial, as a result of Covid.

The continued impact of economic uncertainty on businesses, remediation of unprofitable lines and underwriting action on property accounts, added to the effects of the soft motor market saw Allianz Commercial GWP decline by 2.7%. However, the business returned to growth in the fourth quarter.

In terms of claims, motor frequency is progressively returning to pre-pandemic levels but a major trend in this area has been general inflation and supply chain disruption, increasing the cost of motor and property repairs. Allianz Commercial continued to manage Business Interruption claims effectively, making an interim or final payment on 96% of accepted BI claims, compared to an industry average of 78%.

The robust performance across the business resulted in Combined Operating Ratios of 91.3% for Allianz Personal and 96.1% for Allianz Commercial.

Allianz’s commitment to outstanding customer service was again recognised in 2021, as LV= GI was named Insurance Provider of the Year by Which? and achieved an ‘Excellent’ rating on Trustpilot, while Allianz Commercial received the Gracechurch Marque for the sixth consecutive year for its claims service. LV= Britannia Rescue was ranked number one for breakdown services by What Car? and Allianz Legal Protection (ALP) was named Insurance Provider of the Year at the Personal Injury Awards. Meanwhile, Petplan received five-star product ratings from Defaqto and Feefo.

Innovation, both in terms of new opportunities and customer-service developments, remained a strategic priority throughout 2021. Allianz Personal’s Flow and Britannia Rescue businesses strengthened their self-serve credentials, while Allianz Commercial enhanced its motor fleet products for electric vehicles and its Claims Hub enabled live updates for brokers. Digital simplification intensified at Petplan, with 85% of claims submitted online.

As part of its climate commitments, Allianz supports the adoption of green parts for motor repairs, in both personal and commercial lines. Under the Green Heart Standard, 75% of LV= GI bodyshops are now carbon neutral and all 25 sites are to offer electric cars as courtesy vehicles. Across the business, Allianz’s sustainable procurement charter prioritises suppliers who are committed to sound Environmental, Social and Governance (ESG) practices, and the Allianz Net Zero Accelerator is going to help brokers measure, reduce and offset their 2021 emissions.
Looking ahead to 2022 and beyond, Colm Holmes commented: “Allianz is in a great position to build its position in the UK, based on the strong platform of a diverse and resilient portfolio of profitable business. To maximise our potential, we must continue to work closely with our brokers and other business partners, and listen to feedback from our Personal customers. We need to understand their requirements and deliver market-leading products and service. Our growth will be intelligent and sustainable, offering smart but simple to use digital solutions to support our customers in this ever-changing world.”

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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