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    ALV   DE0008404005

ALLIANZ SE

(ALV)
  Report
Delayed Xetra  -  11:35 2022-09-30 am EDT
161.80 EUR   +1.37%
09:08aALLIANZ SE : Jefferies reiterates its Buy rating
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08:51aALLIANZ SE : Berenberg reiterates its Buy rating
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03:54aUniCredit, Allianz to Exchange Stakes in Croatian Units
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Allianz Group announces revenue of GBP2.9bn in the UK

08/08/2022 | 07:56am EDT

Half year results for Allianz Group released today reveal that the business continues to grow in the UK, achieving a total revenue of GBP2.88bn - up 12.9% on previous year.

Allianz's insurance businesses in the UK 	Total revenue H1 2022 	Total revenue H1 2021 	Variance
Allianz Holdings plc 	GBP1,956.6m 	GBP1,862.6m 	+5%
Allianz Global Corporate & Specialty 	GBP668.3m 	GBP508.9m 	+31.3%
Allianz Trade 	GBP95.2m 	GBP93.1m 	+2.3%
Allianz Partners 	GBP162.2m 	GBP88.7m 	+82.8%
Total 	GBP2,882.3m 	GBP2,554.9m 	+12.9%

Allianz Global Corporate & Specialty UK continued its trend of positive development, growing its gross written premium by over 30% on the equivalent period in 2021, driven by new business development and continuing rate momentum. Allianz Holdings achieved strong levels of growth across the business in H1. Euler Hermes rebranded as Allianz Trade in the first half of the year. The core business of trade credit insurance saw positive commercial evolution through a strong performance in both new business and client retention. Following recent client wins, Allianz Partners UK is focused on implementing this new business in a post-Covid world, ensuring it continues to deliver great experiences to clients and customers.

Allianz Holdings delivers strong growth for first half of 2022

Allianz Holdings plc has announced 5% growth in the first six months of the year with a Gross Written Premium (GWP) of GBP1,957m.

Allianz Holdings 	HY 2022 	HY 2021 	Variance
Gross Written Premium (GWP) 	GBP1,957m 	GBP1,863m 	5%
GWP Allianz Personal 	GBP1,263m 	GBP1,229m 	3%
GWP Allianz Commercial 	GBP694m 	GBP630m 	10%
Operating Profit 	GBP99m 	GBP170m 	-42%
Combined Operating Ratio (COR) 	97.2% 	91.7% 	5.5%

Commenting on the figures, Colm Holmes, CEO Allianz Holdings, said:

'I'm pleased with Allianz's performance. We've seen strong trading in the first half of the year, although this was impacted by motor claims returning towards pre-pandemic levels, the February storm events and increasing inflationary pressures.

'As we enter the second half of the year, we're doing the right things to navigate market challenges and we remain in very good shape with a strong set of results behind us. The scale and diversity of our business means we're well positioned for profitable growth. With a continued focus on profitably, expense management and a clear risk appetite, I'm confident in Allianz's ability to steer our way through these turbulent conditions.'

Business performance

Allianz Holdings delivered good levels of growth across the business with a 5% increase in revenue to GBP1,957m (HY2021: GBP1,863m). Operating profit fell by 42% to GBP99m (HY2021: GBP170m) and the Combined Operating Ratio (COR) deteriorated to 97.2% (HY2021: 91.7%). A key driver behind the fall in profitability was the continued increase in motor claims frequency as drivers returned to the road after lockdown. The result was also impacted by the cost of the severe February storms which amounted to GBP50.1m across Allianz Commercial and Allianz Personal. All parts of the business are also seeing the unexpectedly high rate of inflation, which is running ahead of our predictions and pricing assumptions at the beginning of the year, hit Allianz's profits.

Allianz Personal achieved an increase in revenue with GWP at GBP1,263m, up 3% compared to HY 2021, with direct own brand in-force policies also growing 3%. This was due to a particularly strong performance from Petplan, which saw greater focus and alignment by moving into the Allianz Personal family of brands, and the successful launch of Flow, LV='s digital only motor proposition.

The LV= Retail business also saw good growth and retention following the implementation of the FCA General Insurance Pricing Practices, which has led to a reduction in people shopping around and a significant number of customers renewing. Growth, however, was offset by lower new business volumes in the home market.

Overall, the Allianz Personal business is seeing the benefits of its multi-distribution and multi-brand approach, combined with improved pricing capability.

Allianz Commercial delivered growth of 10% year-on-year and a GWP of GBP694m, driven by a strong underwriting performance and the success of its new regional structure which brought together the Commercial Broker Markets and the Engineering, Construction & Power (ECP) businesses.

Commercial Property performed particularly well, achieving good levels of profit and growth as the benefits of previous remediation work on the portfolio came to fruition. The Engineering business continued to grow and deliver strong results, while Allianz is also starting to see the benefits of its investment in SME digital transformation. Commercial new business was ahead of plan as a result of good targeting, clarity of risk appetite and the mobilisation of trading teams.

Customer

In Allianz Personal, LV= reached one million customers across home and landlord policies, cementing its top-three market share in both motor and home and Petplan continues to maintain its market-leading position.

Customer satisfaction remains at an exceptionally high level and LV= was once again named a Which? Recommended Provider for both car and home insurance.

The integration of the Legal & General general insurance business will be completed by the end of 2022, with multiple products available to independent financial advisers - a new distribution channel for LV= General Insurance. Meanwhile, in Broker, insurer hosted pricing and machine learning have been deployed, improving the technical excellence of the business and benefitting brokers.

This year Allianz Commercial once again achieved the 2022 Gracechurch Claims Service Quality Marque, demonstrating that brokers rated its digital capabilities and the expertise of claims handlers. Most recently the Gracechurch Q2 mid-market claims survey revealed that Allianz has strengthened its position and is rated by brokers as best in class for FNOL across motor, property and casualty.

Allianz Commercial performed well in a number of broker surveys, reflecting the strength of its relationships. The company was recently awarded Commercial Lines Insurer of the Year at the British Insurance Awards in recognition of its sustainability initiatives, proactive approach to claims during the pandemic and excellent relationship with our brokers.

ESG

As part of its commitment to shape a more sustainable future, this year Allianz became the first insurance partner of Solar Energy UK in order to support its solar power insurance customers. The organisation also announced that 100% of the electricity its UK offices uses now comes from renewable sources. It has also continued to successfully roll out the Allianz Net Zero Accelerator, assisting brokers in measuring and reducing their carbon footprint, helping them on their journey to net zero.

Two new Green Heart Standard schemes were launched to make the supply chain more sustainable and Synetiq was appointed as the new salvage supplier, with the aim of increasing the number of green parts used to repair vehicles. 47% of LV= customer repairs are also now being done by carbon neutral bodyshops.

Allianz employees have reached the impressive milestone of raising over GBP1m for Mind, its charity partner for the past three years, while LV= General Insurance continued its charity partnership with Family Action - now in its second year - and launched a new initiative with its repair garages to provide men with support for mental health. The Allianz Sports Fund has continued to support the local communities of brokers with donations made to more than 122 sports clubs. As part of LV= GI's ongoing partnership with the England and Wales Cricket Board, the grassroots initiative #Funds4Runs will be supporting the development of 4,000 coaches which will have an impact on 20,000 players from all levels of the game each year.

Outlook

Colm Holmes concluded:

'The UK undoubtedly faces tough economic conditions as the rate of inflation continues to pose a significant challenge. Insurance premiums have to be in line with claims costs and sums insured and we will continue to develop our pricing models to reflect this, to maintain our margins whilst offering competitive solutions for our customers.

'We have exciting plans in place to drive the development of innovative products and services and there are also some excellent opportunities to grow existing propositions. Through continued investment in digitalisation, simplifying our business and a focus on customer centricity, we're in a fantastic position to support our people, customers and communities.'

(C) 2022 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2022 154 B 151 B 151 B
Net income 2022 6 777 M 6 645 M 6 645 M
Net Debt 2022 24 064 M 23 596 M 23 596 M
P/E ratio 2022 9,72x
Yield 2022 7,02%
Capitalization 65 218 M 63 951 M 63 951 M
EV / Sales 2022 0,58x
EV / Sales 2023 0,56x
Nbr of Employees 155 411
Free-Float 99,9%
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Number of Analysts 19
Last Close Price 161,80 €
Average target price 221,20 €
Spread / Average Target 36,7%
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Managers and Directors
Oliver Bäte Chief Executive Officer
Giulio Terzariol CFO, Head-Finance, Controlling & Risk
Michael Diekmann Chairman-Supervisory Board
Barbara Karuth-Zelle Chief Operating Officer
Renate Wagner Head-Human Resources, Legal & Compliance
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