Full year results for Allianz Group released today show that the organisation is continuing to grow its business in the UK, achieving total revenue of £5.4bn in 2021 and growth of 2%. These combined figures position Allianz as one of the largest General Insurers in the UK.
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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%|
Allianz Holdings improves profitability across diverse and resilient portfolio
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%|
|Combined Operating Ratio (COR)||93.2%||94.4%||-1.2pp|
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.
Looking after the environment
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.
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.