Allianz UK shows resilience with FY 2021 results

Allianz Group (Allianz) has released its UK business’s financial results for the full 12 months of 2021 (FY21) following the release of its group FY21 numbers.

Allianz revealed that its overall revenue for FY21 totalled €148.5 billion, up 5.7% from 2020. Its UK business continued to grow during the same period despite the persistence of the COVID-19 pandemic, achieving total revenue of £5.4 billion, 2% growth. With the combined figures, Allianz has become one of the largest general insurers in the UK.

Here’s how Allianz’s businesses in the UK performed during FY21:

Allianz explained that AGCS’s growth was thanks to good rate momentum in the market and strong new business, with financial lines, energy & construction and entertainment driving the business.

Allianz Partners remained resilient due to improved economic conditions and new client wins. At the same time, Euler Hermes achieved strong retention rates in its trade credit insurance business, with top-line development limited by the low-insolvency environment.

Chris Townsend, member of the board of management of Allianz SE, commented that Allianz continued to grow its property and casualty (P&C) business in relevant markets across the globe, with the UK operations’ latest financial results making it a key market for the group and indicating that it is well-positioned for profitable growth.

“This success is based on a clear customer focus and excellent portfolio management,” Townsend added.

Meanwhile, Allianz Holdings saw a slight decline in total revenue from the previous year due to the soft motor market’s impact on the premium income for its books’ commercial and personal sides. However, it improved profitability across its diverse and resilient portfolio, with a 9.4% increase in operating profit to £318 million for the full year ending December 31, 2021. In addition, its combined operating ratio improved by 1.2 percentage points to 93.2%, although its gross written premium (GWP) fell slightly to £3.8 billion.

Commenting on Allianz Holdings’ latest numbers, Allianz Holdings CEO Colm Holmes 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.”