Allianz Holdings delivered growth across the business with a 7.4% increase in revenue to £4.26bn (from £3.9bn in 2022). Operating profit increased by 65% to £241.6m. Full year results for Allianz Group have shown a total revenue of £6.5bn, despite the ‘challenging’ backdrop of inflationary pressures.

Colm Holmes, CEO, Allianz Holdings (pictured), said: “For the first time, Allianz Holdings surpassed the £4bn mark, with improved growth, profitability and COR. Together with our sister companies, Allianz now represents more than £6.5bn of premium in the UK market. We have a clear strategic vision in all segments of the general insurance market we operate in and our focus on growth continues.”

The company said inflationary pressures and the resulting cost of living crisis made 2023 a challenging year, but that commercial and speciality had performed will with impressive underlying performances. Holmes added: “Personal lines performance was disappointing in the first part of the year but thanks to significant actions and improvement we have finished the year with very encouraging momentum. We have more to do but performing so well in tough conditions demonstrates our resilience and stability.

“Across nine named storms and many other events we’ve continually delivered for our customers when they need us most. This is our core purpose so it’s extra gratifying to have been recognised externally by our customers and partners and I’m enormously proud we’re loyalty leader across all of our lines of business. This is no mean feat and speaks volumes as to the dedication and professionalism of our people.”