Highlights:

• The creation of Allianz Commercial, Personal and Specialty during 2023 brought a clear strategic vision across the strong and trusted brands making up Allianz Holdings. The top line result of over £4bn is a reflection of the diverse portfolio and long term commitment to markets.
• Allianz Commercial large-corp and speciality (Allianz Global Corporate & Specialty UK) continued its positive growth trend, increasing gross written premiums with a strong performance driven by new business and strong retention.
• Allianz Trade in the UK delivered consistent year-on-year revenue growth across all its main lines of business and income streams. Client retention levels remained strong throughout the year and new customer acquisition accelerated in the second half against a backdrop of increased business insolvencies and economic uncertainty.
• Allianz Partners grew its revenue to £409.5m, driven by strong consumer demand across its Travel and Mobility lines of business as well as the launch of a number of new strategic partnerships, particularly in the Travel insurance market. 

Following a successful partnership, 2023 saw the planned rotation of Allianz’s corporate charity. Fundraising for Mind and SAMH (Scottish Action for Mental Health) therefore ended with over £1.4m raised for the charity through employee fundraising and corporate matching

Allianz Personal’s partnership with Family Action continued for a third year through further employee fundraising and volunteering projects including phoneline ‘FamilyLine’ and ‘Food On Our Doorstep.’ Petplan also joined forces with leading animal charities to create a national pet food bank in recognition of how the economic situation is affecting pet owners. The initiative has already passed the significant milestone of one million meals provided to dogs and cats in England, Scotland, and Wales.

As a Worldwide Partner of the Olympic & Paralympic Movements, 2023 also saw Allianz launch its Path to Paris fundraising campaign with an ambitious target to raise over £100,000 for its corporate charities over the course of a 12-month fundraising relay to Paris, where the Olympic Games will commence in July 2024. So far employees have already raised over half the target amount as the torch makes its way across the UK branch network. 

Commenting on the outlook for the year, Colm Holmes concluded:

“For us, I view 2024 as the next chapter in our growth story. Allianz Commercial was only announced last Spring and has already delivered an outstanding performance. I have no doubt it will continue to accelerate with a particular focus on the upper mid-market, bringing the best of Allianz to that segment. We are open for business and are always challenging ourselves to find the very best ways to support our brokers and clients. Specialty, including our Petplan business, is a UK success story and, like Commercial it continues to play an important part in our business and in the lives of our customers.

“Regarding Personal, the external environment is expected to be more stable and I’m confident the action we’ve taken, particularly on home and motor, and our approach to rate, will deliver much improved results in line with our ambitions and targeted margins across our portfolio.

“Excitingly, we are bringing the Allianz brand to the Personal Lines and motor market through the rebrand of LV= Broker and Flow in the Spring. Flow was recently voted Best Motor Insurance Provider at the Insurance Choice Awards and it’s rebranding will introduce UK consumers to the world’s number 1 insurance brand. The rebrand of LV= Broker also to Allianz, continues our ‘One Allianz’ approach and we look forward to growing and strengthening all our broker relationships.

“In our half year results I highlighted the strength of our diverse portfolio and this, alongside our continued focus on customer, transformation and technical excellence, puts us in good stead and lays the foundations for a successful 2024.”