Allianz reveals £32m December freeze hit and CEO Holmes predicts rate hikes to continue
Allianz Holding has revealed the impact of the winter weather on its bottom line, as CEO Colm Holmes forecast that the Q3 and Q4 rating hikes would continue into 2023.
The comments came as Allianz Holdings, which includes Allianz Insurance and LV, posted a 58.3% drop in operating profit to £132.3m for 2022, but a 4.4% rise in gross written premium to £3.97bn.
The year-on-year drop in operating profit was in part driven by £106m of weather-related costs, net of reinsurance, including from the storms in February, subsidence in the summer heatwave and freezing conditions in December.
Direct Line Group shocked the stock market with a profit warning in January
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