Allianz Holdings plc trading update for Q1 2020

Allianz Holdings plc trading update for Q1 2020

Allianz have published their update of the enlarged group and report a much accelerated evolution than planned because of the current pandemic.

Jon Dye, CEO, Allianz Holdings, commented: "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. 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.

"The company has doubled in size to become the second largest general insurer in the UK and achieved substantial underlying growth in both Commercial and Personal lines. However, the quarter also saw significant claims for storms and floods amounting to £68m, and the slowdown in new business due to COVID-19 was already being felt at the end of Q1."

Steve Treloar, CEO of LV= General Insurance, added: "At LV=, we pride ourselves on always trying to do the right thing for our people, customers, suppliers and the communities we operate in. Our people work tirelessly every day to ensure our customers are put at the heart of everything they do and never has that been more true than it has been in these last few weeks, as we've all faced the challenges presented to us by COVID-19. From a performance perspective, the strength of our brand and the strong foundations we have as a business have resulted in us being able to deliver a good result, achieving solid growth in what continues to be an extremely competitive market."

Trading update Q1 2020 Gross written premium
Q1 2020 Q1 2019 Variance
Allianz Holdings plc £1,026m £494m 107%
Allianz Insurance £514m £494m 4%
LV= General Insurance £512m* £375m** 37%
*Includes £102m from L&G General Insurance
** as reported by LV= General Insurance (prior to change in control)
Allianz Insurance

The Allianz Commercial lines book grew by 7% in Q1, with a particularly strong performance in the Motor book. However, flood related claims on the Motor Trade, Property and Packages accounts amounted to £43m, which was significantly above our provision for natural catastrophes.

Source: Allianz - for more information visit the Allianz website

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