Allianz Group announces revenue of
£6.5bn in UK

Posted: 23 February 2024


Allianz's insurance businesses in the UK

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  Revenue 2023 Revenue 2022 Variance
Allianz Holdings £4,259.4m £3,966.1m 7.4%
Allianz Global Corporate & Specialty £1,673.6m £1,524.2m 9.8%
Allianz Trade £220.8m £196.4m 12.5%
Allianz Partners £409.5m £334.9m 22.3%
Total £6,563.2m £6,021.5m 9.0%


  • The creation of Allianz Commercial, Personal and Specialty during 2023 brought a clear strategic vision across the strong and trusted brands making up Allianz Holdings. The top line result of over £4bn is a reflection of the diverse portfolio and long term commitment to markets.
  • Allianz Commercial large-corp and speciality (Allianz Global Corporate & Specialty UK) continued its positive growth trend, increasing gross written premiums with a strong performance driven by new business and strong retention.
  • Allianz Trade in the UK delivered consistent year-on-year revenue growth across all its main lines of business and income streams. Client retention levels remained strong throughout the year and new customer acquisition accelerated in the second half against a backdrop of increased business insolvencies and economic uncertainty.
  • Allianz Partners grew its revenue to £409.5m, driven by strong consumer demand across its Travel and Mobility lines of business as well as the launch of a number of new strategic partnerships, particularly in the Travel insurance market. 


Allianz Holdings

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  FY 2023 FY 2022 Variance
Gross Written Premium (GWP) £4,259.4m £3,966.1m 7.4%
Allianz Personal GWP £2,105.5m £1,971.4m 6.8%
Allianz Commercial* GWP £1415.0m £1,330.2m 6.4%
Allianz Specialty GWP £738.3m £664.0m 11.2%
Operating Profit £241.6m £146.4m 65%
Combined Operating Ratio (COR) 96.9% 98.4% -1.5pp

Financial results are based on the new IFRS 9 and IFRS 17 accounting standards which have been adopted as of 1 January 2023. Comparative periods have been adjusted to reflect the application of the new accounting standards.

* Allianz Holdings Commercial lines

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

“For the first time, Allianz Holdings surpassed the £4bn mark, with improved growth, profitability and COR. Together with our sister companies, Allianz now represents more than £6.5bn of premium in the UK market. We have a clear strategic vision in all segments of the General Insurance market we operate in and our focus on growth continues.”

“Inflationary pressures and the resulting cost of living crisis made 2023 another challenging year. Against this testing backdrop I’m therefore pleased with how we’ve performed overall, Commercial and Specialty had really strong years with impressive underlying performances. 

Colm Holmes, CEO, Allianz Holdings

Personal lines performance was disappointing in the first part of the year but thanks to significant actions and improvement we have finished the year with very encouraging momentum. We have more to do but performing
so well in tough conditions demonstrates our resilience and stability. 

“Across nine named storms and many other events we’ve continually delivered for our customers when they need us most. This is our core purpose so it’s extra gratifying to have been recognised externally by our customers and partners and I’m enormously proud we’re loyalty leader across all of our lines of business 1. This is no mean feat and speaks volumes as to the dedication and professionalism of our people.”

Business Performance

Allianz Holdings delivered growth across the business with a 7.4% increase in revenue to £4,259.4m (FY 2022 £3,966.1m). Operating profit increased by 65% to £241.6m (FY 2022 £146.4m) and the Combined Operating Ratio (COR) improved to 96.9% (FY 2022: 98.4%).

In the last six months the business has continued to leverage Allianz Commercial following its launch in July 2023. Led by Nadia Côté, commercial managing director, the move to bring the best of Allianz to the market and provide solutions for every size of commercial customer has already delivered positive results for brokers and has outperformed internal expectations. The business has achieved tremendous success driven by cross-team collaboration and a supercharged approach to make full use of the UK branch network. The Holdings portion of Allianz Commercial achieved successful growth of 6.4% with GWP of £1,415.0m (FY2022: £1,330.2m).

Allianz’s continued investment in transformation has also underpinned the overall performance with advancements in its digital trading capabilities including the launch of Accident & Health on QuoteSME and the addition of new product features for Complete Mini Fleet. Within Allianz Personal investment has also continued, resulting in an upgrade of technical expertise, and increasing number of self-serve features.

From a Personal Lines perspective Allianz Specialty (made up of Allianz’s pet and musical insurance business) delivered a tremendous performance growing by 11.2%. Allianz Personal, trading under the brands of LV= and Flow, saw a 6.8% change, on the back of significant portfolio actions to focus on core segments while making the necessary price adjustments.

A steadying but still elevated inflation rate meant that inflation has impacted average cost per claim coupled with the broader economic impact on the repair environment (imports, parts, paint, labour costs). For example, the average cost of a Commercial motor repair has increased by 13.4% against 2022. The focus remained, and continues to remain, on sustainable pricing and managing claims costs to off-set the impact to customers as much as possible.

Delivering for the customer

Supporting and delivering for customers, brokers and clients is at the forefront of Allianz’s strategy and has been resoundingly recognised in 2023 across the business making Allianz loyalty leader across all measured metrics. These include:

  • Loyalty Leader net promoter scores for Allianz Commercial, LV= and Petplan
  • Which? naming LV= a recommended provider for car insurance for the 9th year
  • Securing the overall top spot in the Brokerability Satisfaction Survey
  • Achieving the Gracechurch Claims Service Quality Marque for the UK Market for the 8th year.
The unprecedented number of storms over this winter season emphasised the importance of insurance, and thousands of Allianz customers were impacted. The incident & response plan was invoked to provide customers with a high level of service and the team also worked with the supply chain to ensure immediate deployment of services through this period. 

Corporate Social Responsibility

Following a successful partnership, 2023 saw the planned rotation of Allianz’s corporate charity. Fundraising for Mind and SAMH (Scottish Action for Mental Health) therefore ended with over £1.4m raised for the charity through employee fundraising and corporate matching

Allianz Personal’s partnership with Family Action continued for a third year through further employee fundraising and volunteering projects including phoneline ‘FamilyLine’ and ‘Food On Our Doorstep.’ Petplan also joined forces with leading animal charities to create a national pet food bank in recognition of how the economic situation is affecting pet owners. The initiative has already passed the significant milestone of one million meals provided to dogs and cats in England, Scotland, and Wales.

As a Worldwide Partner of the Olympic & Paralympic Movements, 2023 also saw Allianz launch its Path to Paris fundraising campaign with an ambitious target to raise over £100,000 for its corporate charities over the course of a 12-month fundraising relay to Paris, where the Olympic Games will commence in July 2024. So far employees have already raised over half the target amount as the torch makes its way across the UK branch network. 


Commenting on the outlook for the year, Colm Holmes concluded:

“For us, I view 2024 as the next chapter in our growth story. Allianz Commercial was only announced last Spring and has already delivered an outstanding performance. I have no doubt it will continue to accelerate with a particular focus on the upper mid-market, bringing the best of Allianz to that segment. We are open for business and are always challenging ourselves to find the very best ways to support our brokers and clients. Specialty, including our Petplan business, is a UK success story and, like Commercial it continues to play an important part in our business and in the lives of our customers.

“Regarding Personal, the external environment is expected to be more stable and I’m confident the action we’ve taken, particularly on home and motor, and our approach to rate, will deliver much improved results in line with our ambitions and targeted margins across our portfolio.

“Excitingly, we are bringing the Allianz brand to the Personal Lines and motor market through the rebrand of LV= Broker and Flow in the Spring. Flow was recently voted Best Motor Insurance Provider at the Insurance Choice Awards and it’s rebranding will introduce UK consumers to the world’s number 1 insurance brand. The rebrand of LV= Broker also to Allianz, continues our ‘One Allianz’ approach and we look forward to growing and strengthening all our broker relationships.

“In our half year results I highlighted the strength of our diverse portfolio and this, alongside our continued focus on customer, transformation and technical excellence, puts us in good stead and lays the foundations for a successful 2024.” 

1. Allianz's benchmarking research conducted amongst brokers and customers - different lines of business scores are captured monthly/annually.

2. CPI market figures: 10% in Jan 23 and 4% in Dec 23

3. Flow was awarded Best Motor Insurance Provider at the 2023 Insurance Choice Awards.

4. In 2023, Allianz continued its rise up the Interbrand Best Global Brands Ranking, coming in at #31 (+3) overall, and #1 insurance for the fifth year running and recording a total brand value of 20.85 billion USD.

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 including Allianz Insurance

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers with more than 122 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 around 706 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 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 among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2022, over 159,000 employees achieved total revenues of 152.7 billion euros and an operating profit of 14.2 billion euros for the group***.

* Including non-consolidated entities with Allianz customers.

** As of September 30, 2023.

*** As reported – not adjusted to reflect the application of IFRS 9 and IFRS 17.

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.

Amy Yorston
PR Consultant
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