28 February, 2025
Total business volumes increase 6.9% to £7.07 billion for the Allianz Group in the UK
Allianz UK reports 52% increase in operating profit to £367.8 million.
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 in 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 Speciality businesses.
Colm provides insight into the 2024 results:
Outlook:
“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.”
Colm Holmes, Chief Executive Officer, Allianz UK
Financial highlights
Allianz's insurance businesses in the UK
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| Revenue | FY 2024 (£m) | FY 2023 (£m) | Variance |
| Allianz UK | £4,658.7 | £4,416.3 | 5.5% |
|
Allianz Commercial (formerly AGCS) Allianz Partners, Allianz Trade |
£2,412.9 | £2,199.3 | 9.7% |
| Total | £7,071.6 | £6,615.6 | 6.9% |
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| Allianz UK (Holdings) | FY 2024 (£m) | FY 2023 (£m) | Variance |
| Operating Profit | 367.8 | 241.6 | 52.0% |
| Total Business Volume | 4,658.7 | 4,416.3 | 5.5% |
| Combined Operating Ratio | 95.0% | 96.9% | 1.9pp |
Segmental highlights
Allianz UK Personal
- Allianz Personal continued to deliver on the turnaround of the motor and home business delivering an operating profit of £114.3m, a 4% increase in TBV to £2,247.5m and a 7.3pp improvement in COR. These results were achieved despite a continuing backdrop of higher claims costs and softening market conditions.
- The focus on disciplined pricing and investment in customer service has strengthened our position and enhanced our strong customer loyalty.
- We will continue to focus on, and invest in, our data and pricing capabilities to drive technical excellence and create a market leading data and technical underwriting team.
Allianz UK Commercial
- Allianz Commercial has enjoyed a successful year with operating profit of £146.5m, and COR of 95.4%. Performance was underpinned by solid retention rates and underwriting discipline.
- The Engineering Inspection business has continued to exceed its targets and 2024 saw improved profitability and double-digit growth in both direct and broker channels achieving £115m fee income.
- The changing market has impacted certain lines, and we will remain disciplined in underwriting for margin. Our diverse portfolio, however, means that Allianz Commercial remains in a position to drive profitable growth in 2025.
Allianz UK Specialty (Pet)
- Allianz Specialty delivered another excellent performance in 2024 across all metrics. Operating profit increased to £102.7m, we delivered a 10% increase in TBV to £812.8m and COR reduced from 91.5% to 86.9%.
- The pet market remains competitive and challenging but inflation, including vet fee inflation, has been stabilising.
- These achievements are due to a sharp focus on proposition development and technical excellence, and we are well positioned to maintain Petplan’s market leadership position into 2025 and beyond.
Outlook for 2025
Colm Holmes continued:
“It’s clear we delivered a strong 2024 result. Our numbers evidence that our strategy, and the actions we have taken in recent years to form and establish Allianz UK, is working. I’d like to thank my colleagues for their hard work supporting our customers, clients, and broker partners. Their efforts underpin our success; they demonstrate Allianz at its best each and every day.
“As we enter 2025, we are lifting our ambitions once again. We have the right strategy, a strong management team, and are well placed to adapt to changing market conditions and take advantage of the opportunities ahead. Our momentum is building, our focus on disciplined underwriting and pricing has laid solid foundations for further growth, as has our investment in transforming our systems and capabilities. This confidence in our business is reflected in feedback from our broker partners, clients and customers including maintaining loyalty leadership NPS scores for all business areas.
“There will be challenges of course, but we are ready to grow and ready to leverage all of Allianz’s unique strengths and capabilities, including working with our large-Corp colleagues to better serve the whole Commercial lines market. We will continue to deliver the very best service and support for customers across all our business lines and make further steps towards our ambition to be the most trusted insurance partner to customers, clients, and brokers.”
Definition: Total Business Volume is the premium received by the business for both insurance and non-insurance operations.
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 around 125 million* private and corporate customers in nearly 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 764 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.8 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 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
* Including non-consolidated entities with Allianz customers.
** As of September 30, 2024.
Mandatory corporate information: Corporate disclosures.
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’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) 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.
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The figures regarding the net assets, financial position and results of operations have been prepared in conformity with International Financial Reporting Standards. This Quarterly Earnings Release is not an Interim Financial Report within the meaning of International Accounting Standard (IAS) 34. This is a translation of the German Quarterly Earnings Release of the Allianz Group. In case of any divergences, the German original is binding.
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