Allianz Group and AGCS released its financial results for the first quarter 2021 ('3M 2021').
- In Q1 2021, AGCS gross premium written decreased by €73 million to €2.938 billion (3M 2020: €3.011 billion). Positive impact from effective rate changes of 22% for renewal business across the portfolio was offset by underwriting actions targeting loss making accounts and segments. Strongest rate increases were achieved in Financial Lines, Property and Aviation, but also the long-tail Lines of Business observed strong momentum on rate improvement.
- The combined ratio for 3M 2021 stands at 98.3% (3M 2020: 117.5%), which is 19.2%-p better than prior year, mainly benefitting from a lower claims volume related to Covid-19. In Q1 2021, Covid-19 related reserves booked amounted to €40 million compared to €233 million in the first quarter of 2020. Also claims activity not related to the pandemic is lower for frequency & medium-size as well as large losses contributing to a better current accident year loss ratio compared to last year.
- AGCS’ 3M 2021 operating profit of €81 million (3M 2020: operating loss of €141 million) is €222 million above prior year driven by a significantly lower impact from Covid-19 and a positive underwriting performance.
