Financial results for the first six months of 2023 (‘6M 2023’) for Allianz Global Corporate & Specialty (AGCS)* as part of Allianz Commercial:
- In the first half of 2023, AGCS Total Gross Premium Written (GPW) of €6.583 billion is approx. €+660million/+11% above prior year (adjusted for foreign exchange (FX) effects) (First half of 2022: €5.923 billion).
- Core Gross Net Premium Written (GNPW) of AGCS (i.e., premium net of fronting and facultative RI) increased year-over-year by €644 million to €4.586 billion (FX adjusted) (6M 2022: €3.949 billion) and on a like-for-like basis, i.e., putting aside the in 2022 still not fully reflected ultimate premium approach, by approx. €480mn, mainly driven by MidCorp and Property reflecting inflation-driven increase of exposure and rates, as well as strong new business (in particular in NA) and retention. Also, Liability benefited from a strong second half of 2022 rate momentum carrying into the first half of 2023 and showed a strong renewal performance.
- The Core Combined Ratio for 6M 2023 stands at 90.8% and is better than prior year (6M 2022: 93.3%). The improvement in both the loss ratio and the expense ratio is only partially offset by a higher reinsurance ratio. Main drivers are benign current accident year short-tail lines development as well as higher discount due to higher yields in the second half of 2022. The profitable underwriting performance allowed for an additional build-up of reserves, mainly to address inflation risks.
- The Operating Profit for 6M 2023 of €479 million (6M 2022: €351 million) is €129 million better than prior year mainly due to a better insurance service result.
- Current results reflect AGCS SE as a legal entity. In future quarters, we will publish financial figures representing the combined Allianz Commercial business.
