Allianz UK increases revenue to £4.66bn in 2024

Allianz UK has revealed it secured a revenue of £4.66bn in 2024, up 5.5% from 2023.

In a trading update published today (28 February 2025), the insurer also said that its UK arm saw operating profit rise 52% year-on-year to £367.8m, while the combined operating ratio (COR) improved from 96.9% to 95% during the same period.

The growth was driven by strong performances in the personal, commercial and speciality businesses.

According to the insurer, personal lines delivered an operating profit of £114.3m and COR improved by 7.3 percentage points despite higher claims costs and softening market conditions.

Commercial lines operating profit, meanwhile, sat at £146.5m, with a COR of 95.4% also being achieved.

As for the specialty business, which focuses on pet, operating profit increased to £102.7m, while COR reduced from 91.5% to 86.9%.

Allianz said the pet market remains competitive and challenging but inflation, including vet fee inflation, has been stabilising.

’Growing presence’

Colm Holmes, chief executive at Allianz UK, said the figures were evidence that the insurer’s strategy is working.

He said: “A 52% increase in operating profit to £368m reflects an exceptionally strong year and signals our growing presence in the UK insurance market.

“Through improved technical expertise and pricing capabilities, we traded successfully in challenging markets. We invested in talent, we simplified our range of insurance products, expanded our brand portfolio, distribution channels and range of partnerships, and we invested in improvements to customer service experiences.

“This approach has been resoundingly recognised across all our business lines with Allianz UK, maintaining NPS loyalty leadership across personal, commercial and specialty.”