Allianz Group has published its results for 2024 highlighting its expanding UK operations. Allianz UK increased its total business volumes by 5.5% to hit revenues of approximately £4.7bn and posted an operating profit of £367.8m, up by 52% on the previous year. Its combined operating ratio improved by 1.9 percentage points to 95%.

Colm Holmes (pictured), chief executive officer of Allianz UK, said: “I’m very pleased when I look back at 2024, as it’s the year we started to realise some of our potential. A 52% increase in operating profit to £368 million reflects an exceptionally strong year and signals our growing presence in the UK insurance market.

“Our plan to deliberately focus our effort on disciplined, profitable growth is working. 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.”