Allianz has overtaken AXA as the UK’s second largest general insurer after its purchase of LV= and Legal & General in May 2019. However, Allianz will need to bridge the significant gap in customer satisfaction between itself and market leader Aviva if it is to provide serious competition.

The overall deal, valued in excess of £800m ($1.01bn), gives Allianz full ownership of LV=’s general insurance book and boosts its UK customer figures by 12 million. Allianz will pay £242m for Legal & General’s businesses and a further £578m for the remaining 51% stake in LV General Insurance Group. It had previously purchased 49% in December 2017.

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GlobalData market statistics show that Allianz now becomes the second largest general insurer in the UK with a market share of 8.8%. This places it behind Aviva (9.8%) but above AXA (8.3%), which had held second spot for several years.

Allianz has almost doubled its pre-acquisition share of 4.7%, as it improves its position from fifth to second (excluding Lloyd’s of London). This will be seen as a success by Allianz, making good on its plans to achieve a top-three position after completing the initial deal with LV=.

Aviva retains a strong position at the top of the market, and our upcoming Aviva: Insurance Scorecard 2019 report shows that it has high levels of customer satisfaction with strong net promoter scores (NPS) across all personal lines. Allianz’s results in 2018 contrasted heavily with this according to GlobalData’s 2018 UK Insurance Consumer Survey, with its NPS in motor insurance, the largest personal insurance line, sitting at a very sub-standard -25.9. The combination of two established players might boost Allianz’s market presence, but this low score highlights the work still to be done before it can launch a proper challenge to Aviva at the head of the market.

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