Allianz profits up 17.5% and partnership with LV= making great progress

Jon-Dye,-CEO,-Allianz-Insurance-plc

Chief Executive Officer, Jon Dye said:

“Profits are up 17.5% over 2017 in challenging market conditions and the Combined Operating Ratio is 1.7% better than this time last year. These are very pleasing results. Revenues are broadly flat, which reflects the start of the transfer of Allianz’s personal home and motor business to LV=.

“I am pleased with the way we have maintained our trading focus while at the same time committing considerable resources to the joint venture with LV=. To put this into perspective, communications about the new arrangements have gone out to 1,600 brokers, new relationships have been created between 167 brokers and Allianz and the transfer of personal home and motor business to LV= began on schedule. Some commercial schemes business has already come over from LV= and we will start to issue new commercial lines business invitations from 6 August for former LV= business with effective dates of 20 September onwards. By the end of the transfer process, almost 600,000 policy details will have been exchanged between ourselves and LV=.

“Putting all this together means it has been a great start to the year for the business.”

To read the full article authored by Allianz about their half-year financial results, click the link below…

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