Financial results for the first six months of 2022 (‘6M 2022’) for Allianz Global Corporate & Specialty (AGCS)*:
- In the first half of 2022, gross premium written increased year-on-year by €572 million (11%) to €5.737 billion (Q2 2022: €5.165 billion). This was mainly driven by higher rates on renewals (13% incl. adjustment of terms and conditions), a higher renewals base, new business as well as favourable foreign exchange effects. Most lines of business experienced year-on-year growth, especially Financial Lines, Energy & Construction, and Property.
- The combined ratio for Q2 2022 is 2.7%-p better than prior year and stands at 95.1% (6M 2021: 97.8%). The improvement versus prior year is mainly driven by a favourable current accident year loss ratio due to lower claims activity resulting from portfolio improvements. In the first half of 2022, AGCS experienced a similar impact from natural catastrophes compared to last year, the most significant events for AGCS being the floods in Australia and a major hailstorm in France.
- The operating profit of €290 million (2021: €179 million) is €111 million above prior year due to the better underwriting performance in Q2 2022.
