Allianz profits up 17.5% and partnership with LV= making great progress
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…
Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz Group, a leading integrated financial services provider and the largest property and casualty insurer in the world. The mission of Allianz Insurance is to be the outstanding competitor in our chosen markets by delivering products and services that our clients recommend, being a great company to work for and achieving the best combination of profit and growth. We aim to achieve this by putting the customer at the heart of everything we do.
Allianz is able to offer customers a wide range of products and services including home and motor and commercial insurance with full range of products and service for sole traders' right up to large commercial organisations. Allianz Insurance employs over 4,500 people across a network of 20 offices in the UK and the company’s Head Office is situated in Guildford, Surrey. Our heritage and financial strength help make Allianz what it is today; a safe and trusted partner. Over 40 FTSE100 companies partner with Allianz. youTalk-insurance sharing Allianz Insurance news and video
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