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ALLIANZ UK STRENGTHENS ITS FOCUS ON PROFITABLE GROWTH

Press release   •   Apr 14, 2016 12:00 BST

Following a strategic review, Allianz UK is changing its structure and creating a new single trading division combining Commercial and Personal lines business. A Chief Underwriting Officer (CUO) role has been created to lead a new Technical Division responsible for underwriting and pricing activities across all business lines and the further development of state-of-the-art underwriting and pricing capabilities. The business is also proposing to withdraw from the direct home and motor markets.

The new Commercial and Personal division will be operational on 1 May 2016 and will be led by Simon McGinn who is currently General Manager of Allianz’s Commercial business. Neil Brettell, currently Retail General Manager, will be leaving Allianz.

Neil Clutterbuck has been appointed as the new Chief Underwriting Officer reporting directly to the Chief Executive and will join the Allianz UK Management Board.

Chief Executive, Jon Dye, said:

“A single trading division will help us ensure we have a co-ordinated business strategy that delivers profitable growth across all products and channels.It will drive best practice and achieve economies of scale in areas including marketing and distribution and brings us more closely in line with the structure that has underpinned the success of the Allianz Group.It also sets us up well to develop synergies between Broker and Corporate Partner customers where business models are constantly changing.

Jon added:

“I would like to congratulate Simon McGinn and Neil Clutterbuck on their appointments and thank Neil Brettell for his significant contribution and wish him every success in the future.”

If the proposal to withdraw from the direct market goes ahead, Allianz’s direct motor and home books

will be placed into run-off with no new business accepted after 30 June and no renewals invited after 31 July. There will be no effect on Allianz’s home motor and policies sold through Brokers or on the

company’s partnerships with motor manufacturers. All other aspects of the business are unaffected.

Around 170 positions across Allianz’s Bristol and Guildford offices will be affected by the proposal and a period of consultation has begun with the Union on the future of these roles.

Jon Dye said:

“Withdrawing from the Direct home and motor markets is a difficult decision because of its potential implications for our people and we will work individually with them to try and find alternative roles within the business.

“Despite significant investment in our Direct business, the price sensitive and highly competitive market conditions mean we have not been able to achieve the scale of operation necessary. This situation is unlikely to change within a timescale we find acceptable so after careful consideration, withdrawing from this market is the best way forward for the business.

“We are taking a long term view on how we can meet the challenges that face us in the future and I believe these changes will make us an even stronger business.We are focussed on delivering excellent results for our customers, brokers, corporate partners and our shareholder and on delivering the consistently profitable results for which Allianz UK is recognised.”

ENDS.

Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide.

Around 85 million private and corporate customers rely on Allianz's knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks.

In 2015, over 142,000 employees in more than 70 countries achieved total revenues of approximately 125.2bn euros.

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