Allianz UK enjoys improved results in first half

Allianz has published its earnings report in the UK for the first half, a period described as “an important chapter in the story of Allianz” in Britain.

Here are the numbers for Allianz UK (Holdings):

Meanwhile, the combined revenue from Allianz Commercial (formerly AGCS), Allianz Partners, and Allianz Trade in the UK for the first half amounted to £1.06 billion. When added to that of Allianz UK (Holdings), the total revenue for Allianz Group in the UK stands at £3.23 billion.

Operating profit also grew, from £112.8 million to £174.8 million, while discounted combined operating ratio improved from 96.6% to 94.6%.

Allianz Holdings chief executive Colm Holmes (pictured) commented: “The first half of this year is an important chapter in the story of Allianz in the UK. I am pleased with the progress we made; the actions we took delivered improvements in premium, combined operating ratio, and profit.

“These offer clear evidence that our strategy of focused expansion is working; indeed we are confident of carrying this momentum through to the end of the year and beyond. Feedback from customers, partners, and brokers tells us our momentum is catching their attention – they like where we’re heading and how we’re getting there.

“For example, one year ago Allianz Commercial was introduced, creating a one-stop shop offering insurance solutions for mid-sized businesses, large enterprises and specialist risks. Premium in Allianz Commercial in the UK has risen by 5.9% since launch to £771 million (HY23: £728 million). Feedback from brokers and clients has been positive and encouraging.”

Groupwide, Allianz SE’s net income attributable to shareholders climbed 14.2% to €5 billion in H1.

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