Business

Allianz UK GWP soars in Q1 results

Allianz UK has reported GWP of £1.02bn in its first quarter results, up from £494m during the same period last year.

It comes amid the ongoing coronavirus pandemic, and the Allianz Commercial lines book grew by 7% during the period, with a particularly strong performance in the Motor category.

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However flood related claims on the Motor Trade, Property and Packages accounts amounted to £43m, which was significantly above its provision for natural catastrophes.

LV= General Insurance trading in the first quarter was also positive, delivering £512m in GWP which included £102m from L&G General Insurance. This is up 37% from the prior year.

However, business was impacted by Storm Ciara, Dennis and Jorge, resulting in 12,000 claims at a cost of £26m.

Additionally, the company recently announced that it is making £30m available to its direct car and motorbike insurance customers through its Green Heart Support, in order to help those who are experiencing financial difficulties as a result of coronavirus.

The money is being made available due to the savings that it expects to make as a result of reduced claims during the lockdown.

Jon Dye, CEO of Allianz Holdings, said: “This is the first quarterly update of the enlarged Allianz Holdings Group, incorporating Allianz Insurance, LV= General Insurance and the general insurance business acquired from Legal & General.

“We opened a new chapter for our business and it would be no exaggeration to say that this coincided with the start of an unprecedented period for the market and the country, as we live through the largest insured event in history.”

He added: “I am tremendously proud of the way in which our colleagues across the business have performed against this backdrop.

“We mobilised quickly and effectively to achieve a remote working model which has maintained service levels to our customers and brokers, and we continue to adapt to meet the demands of this evolving situation. As part of our commitment to our people, we announced that no one would be furloughed.”

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