Restructure ‘starting to deliver’
Allianz UK operating profits have shot up from £63.6m in the first half of 2015 to £86.9m in the first six months of this year.
Combined operating ratio (COR) improved from 98% to 96.3%, but gross written margins slipped marginally from £1.12bn to £1.1bn.
These results only partly reflect the restructuring around a single trading team at Allianz, and it’s withdrawal from the direct home and motor market.
CEO Jon Dye told Insurance News, ‘We have moved through this change process quickly starting with the mid-April announcement to having a revised governance structure in place on 1 July. The single trading division focus is already starting to deliver on our expectations with the more joined up approach opening up a number of business opportunities with brokers.
‘Focussing on and delivering profit is a consistent year in and year out objective for this business. I am pleased that we have achieved this in the first half of the year during a period of considerable change. There is still plenty of work to do but I am confident that we have the clarity of focus, the structure and the people in place to make 2016 a successful year for the business.
‘Finally, research with brokers has led to the launch of an enhanced motor trade proposition to support the ambition of becoming the number one insurer in the UK in this class. The UK motor trade is thriving so we have high hopes for this proposition.’