- AGCS gross premiums written for 9M 2016 amounted to €6.007 billion (9M 2015: €6.470 billion), which is €463 million lower than prior year. This reflects the exceptional effect of the sale of Personal Lines business of Fireman’s Fund Insurance Company (FFIC) in 2015, but also the current competitive market environment with ongoing pressure on rates across various Lines of Business.
- The combined ratio for 9M 2016 was 99.0% (9M 2015: 102.8%), which is 3.8 percentage points better year-on-year. While this benefits from higher favorable run-off from prior years’ business, it was impacted by increased claims activity including major claims in North and South America.
- Operating profit reached €371 million in 9M 2016 which is €11 million higher year-on-year. This result is driven by a higher underwriting result in 2016, and reflects the extraordinary effects seen in 2015 from restructuring in the US and the sale of the FFIC’s Personal Lines business.
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About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. AGCS provides risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 12 dedicated lines of business.
Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also wineries, satellite operators or Hollywood film actors. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.
We constantly strive to deliver the best for our customers through our global team of around 4,400 employees from over 70 nationalities in 34 countries worldwide. As the one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial strength ratings and a global network in over 200 countries and territories. In 2018, AGCS generated a total of €8.2 billion gross premium worldwide.
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