- In the third quarter of 2015, Allianz Group maintained revenues at a high level and achieved a solid operating profit.
- For Q3 2015 AGCS results continue to reflect the integration of the Commercial business and associated activities from Fireman’s Fund Insurance Company (FFIC) and its subsidiaries as detailed in the previous quarter’s results.
- Gross premiums written for 9M 2015 for the combined AGCS/FFIC business totaled €6.470 billion (9M 2014: €4.217 billion for AGCS pre-FFIC).
- For the AGCS non-FFIC business, growth is mainly driven by positive foreign exchange effects and new business in Insurance Linked Markets from Allianz Risk Transfer.
- AGCS Combined Ratio for 9M 2015 was 103% (9M 2014: 95% for AGCS pre-FFIC). This increase is caused by reserve strengthening for previous FFIC Commercial Business (already reflected in Q2 results) and increased loss activity which were only partly compensated by positive run-off.
- Operating profit was €360 million (9M 2014 €363 million for AGCS pre-FFIC) supported by the sale of FFIC’s Personal Lines business to ACE and increased investment income, and partly counterbalanced by restructuring costs relating to the FFIC integration.
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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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