Allianz Group‘s half-year financial report highlights a robust 12% revenue growth in the UK compared to the previous year. Overall, Allianz Group’s total revenue in the UK reached £3,280.0 million in H1 2023, marking a noteworthy 12.6% increase.
The report’s highlights include the resilience and growth of various segments within the company:
Allianz Partners’ success is attributed to the expansion of partnerships and a strong resurgence in consumer demand, notably in the Travel sector.
Allianz Trade maintained a robust trajectory, achieving excellent client retention amidst heightened economic uncertainty.
Allianz Commercial’s substantial growth was partly driven by the adoption of new accounting standards (IFRS17), and its achievements include approximately 11% growth through new business ventures and strong retentions.
Broker and customer satisfaction also remained at high levels.
Despite inflation, labor shortages, and supply chain pressures impacting market dynamics, Allianz remained committed to delivering sustainable pricing and managing claims costs to mitigate customer impact.
The report also highlighted the organization’s dedication to environmental, social, and governance (ESG) initiatives, including efforts to enhance sustainability in operations and promote the transition to electric vehicles.
Commenting on the outlook for the rest of the year, CEO of Allianz Holdings Colm Holmes (pictured) concluded: “There is no doubt that the industry will continue to face very difficult trading conditions. Inflation is not going away anytime soon and, all the time it persists, it will continue to impact our business and customers and we will need to remain disciplined when it comes to rates, particular in motor and home.
“Despite these market challenges, I’m proud of what Allianz has achieved. Our trading has remained robust and our focus will remain on being technically excellent, ensuring our pricing models are sustainable and offering competitive solutions for our customers. I’m confident that our diverse and resilient product portfolio puts Allianz in an excellent position to achieve our ambitions and with the support of my new leadership team we will be able to ensure that our business continues to navigate these difficult headwinds.”