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Allianz completes purchase of LV General Insurance Group and the General Insurance division of Legal & General

Press release   •   Jan 02, 2020 09:11 GMT

Jon Dye and Steve Treloar

1. Allianz Holdings plc has completed the planned acquisition of the remaining 51 percent of the LV General Insurance Group (LV GIG) from Liverpool Victoria Friendly Society (LVFS). The total consideration by Allianz for 100 percent of LV GIG will be up to £1.078 billion.

2. Allianz Holdings plc has completed the acquisition of 100 percent of the General Insurance division of Legal & General (L&G GI) for £242 million. This business is being combined with LV GIG, although the Legal & General brand will continue to be used in the UK general insurance market for up to three years.

This follows the announcement of these transactions on 31 May 2019.

The completion of these deals positions Allianz Holdings plc as the number 2 general insurer in the UK, based on full year 2018 figures. The combined business had a gross written premium income of over £4 billion and a market share of 9 percent.

Steve Treloar, Chief Executive Officer of LV GIG, will become a member of the Allianz Holdings plc Board which oversees and manages all of Allianz UK’s legal entities. He will report to Jon Dye, Chief Executive Officer of Allianz Holdings plc. Steve, along with fellow LV GIG colleagues Kevin Wenzel (Chief Finance Officer) and Kieran O’Keeffe (Chief Risk Officer) will join the Allianz UK management board.

Mike Crane, current Managing Director of LV GIG Broker business, has been appointed as Chief Executive Officer of L&G GI (subject to regulatory approval). He will continue to report into Steve Treloar and sit on the LV GIG Executive Committee as both Chief Executive Officer of L&G GI and Managing Director of LV GIG Broker.

Jon Dye said

“This is a pivotal moment in the history of Allianz in the UK. These two deals create a formidable player in the UK general insurance market with a balanced business across personal and commercial lines, tremendously strong brands and a great team of people, focused on delivering for our customers.

“We will be looking to build upon the great success of our joint venture with LV GIG in home and motor insurance, strengthened further by the acquisition of L&G GI. With Petplan already being the world leader in pet insurance and the Allianz position as Commercial Insurer of the Year in 2019, we have a strong platform to continue our profitable growth story.”

Steve Treloar added

“This is an exciting day for LV GIG and we’re very happy to now be part of Allianz and have our colleagues from L&G GI also join us. For the last few years, we’ve worked incredibly hard to make LV= the brand it is today and, although we’ve achieved an incredible amount, I believe that with the backing of Allianz, and L&G GI being part of our business, the best is truly yet to come. I’m excited to see what the future brings.”

ENDS


For further information please contact:

David Keel, Head of Communications, Allianz Insurance plc

david.keel@allianz.co.uk

+44 1483 552 718

+44 7771 794978

About Allianz Holdings plc

Allianz Holdings plc is the non-regulated holding company which owns the principal insurance operations of Allianz SE in Great Britain.

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers with more than 92 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 764 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage more than 1.6 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2018, over 142,000 employees in more than 80 countries achieved total revenues of 132 billion euros and an operating profit of 11.5 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

Cautionary note regarding forward-looking statements

This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, most notably the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.

No duty to update

The Allianz Group assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.

The information contained in this press release relates to Allianz Insurance plc. Allianz Insurance plc is one of the largest general insurers in the UK and part of the Allianz Group.

The Allianz Group is one of the world's leading insurers and asset managers with more than 92 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 673 billion euros on behalf of its insurance customers. Furthermore our asset managers PIMCO and Allianz Global Investors manage more than 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2018, over 142,000 employees in more than 80 countries achieved total revenues of 131 billion euros and an operating profit of 11.5 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

Cautionary note regarding forward-looking statements

This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, most notably the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.

No duty to update

The Allianz Group assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.

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