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Press Release   •   Nov 11, 2013 10:40 GMT

Financial highlights to end Q3 2013 Compared end Q3 2012:

·  Gross Written Premiums  up 1.8%

·  IFRS operating profit up 11.9%

·  Combined ratio improves 1.0%  



Group Results:                                               End Q3 2013             End Q3 2012

Gross Written Premium                                  £ 1,459.7m                £ 1,434.3m

IFRS Operating Profit (before tax)                 £   128.7m                 £   115.0m

Combined Ratio                                                     95.7%                        96.7%



Divisional Results Breakdown                     End Q3 2013              End Q3 2012


Commercial -  

Gross Written Premium                                 £  763.1m                      £  746.2m

Combined Ratio                                                   96.8%                           99.1%


Retail -  

Gross Written Premium                                 £  696.6m                   £  688.1m

Combined Ratio                                                    94.5%                         94.2%


Statement from Chief Executive Officer, Jon Dye

Allianz is continuing to deliver a very strong set of financial results in 2013. Compared to the same point in 2012, our Combined Operating Ratio has improved by 1.0% to 95.7% which confirms that we are continuing to make an excellent level of underwriting profit, whilst at the same time growing our top line by nearly 2.0%. 

Our operating profit has risen nearly 12% compared to the same period last year, which is a tremendous result.


During the last quarter, our general Commercial business was able to achieve an improved level of rate strength. Unfortunately, there is concern that the appetite in the market for rate increases is weakening, at a time when the medium to long term reality of the risk environment in which commercial insurers operate requires further increases. 

As I reported in the last quarter, the motor portfolio remains a strong area of growth within Commercial with both the Motor Fleet and Motor Trade accounts performing well. Where greater upward rate movement is needed is in the Property and Casualty accounts. Our underwriting colleagues will continue to push hard to secure marked improvements, whilst at the same time looking for growth in these areas.   

The performance of our Engineering insurance business continues to reflect the challenging macroeconomic climate our customers are facing. In contrast, our inspection service continues to deliver a good level of performance.


The Broker account has fallen behind plan because we have chosen not to chase volume in a market that has become increasingly competitive. Conversely, the household account is growing ahead of plan where greater volumes of open market trading at acceptable rates has been a welcome feature. 

Another excellent performance has been delivered from our Animal Health (Petplan) business with both GWP and profit ahead of plan.

The Legal Expenses market is still finding its feet after the reforms to the Civil Litigation system which commenced in April this year.  Against an unsettled background it is pleasing to report that Allianz Legal Protection has continued to trade strongly over the period.  There is evidence of a "flight to quality" as our post LASPO After The Event proposition is attracting business partners and law firms with a clear strategy for the new legal environment.  Our Before The Event Legal Services scheme has also made a good start, supporting our high net worth business, Home and Legacy, and we are confident of further developments in this area.

Other News During the Quarter

In August, our Corporate Partner business signed a deal with Sainsbury’s Bank to provide pet insurance and this arrangement has now gone live. Sainsbury’s has over 1000 retail stores, ranging from supermarkets to convenience stores, and a database, through Nectar, of over 26 million customers. The 5-year deal, which has an annual GWP of over £40m, will see 134,000 policies migrating from their current provider, AXA.

In September, we launched our first TV advertising campaign as part of our drive to raise the awareness of the Allianz brand and position us as the insurance experts that can be trusted with the ‘A to Z’ of people’s insurance needs.The advertising used the analogy of the school run being like an F1 race which links to our Formula 1 sponsorship and our Drive Safely campaign. Early consumer research results are very positive.


Despite the recent St Jude’s storm this has been a very good weather year for insurers and Combined Operating Ratios should be viewed against that fact. There is a possibility that the strong performance in property will lead to a lack of action on other portfolios, holding back rate increases in other classes that are still needed in the market.

As we enter the home stretch of the financial year, I believe we are in very good shape and well positioned to deliver results that will rank amongst the best in the industry in terms of delivering profitable growth.

Jon Dye
Chief Executive
Allianz Insurance



Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide.

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