Allianz Group and AGCS released its financial results for the first quarter of 2019 ('3M 2019').
- In the first quarter 2019, AGCS has achieved solid growth and increased gross premium written to €2.869 billion (3M 2018: €2.467 billion), which is €402 million higher year on year. All AGCS Lines of Business (in particular Corporate segments) as well as regional units (especially North America) have contributed to this rise in premiums.
- The combined ratio for 3M 2019 stands at 99.7% compared to 94.6% for 3M 2018. This deterioration by 5.1 percentage points on a quarterly basis is driven by a higher loss ratio including high-profile large losses in the first quarter.
- Operating profit reached €106 million for 3M 2019 (3M 2018: €139 million) which is €33 million below prior year driven by a lower underwriting result.
