Allianz Group and AGCS released its financial results for the third quarter of 2019 ('9M 2019').
- In the nine months of 2019, AGCS has continued to grow, with gross premium written rising by €756 million to €7.142 billion (9M 2018: €6.385 billion). All AGCS Lines of Business and regions (especially North America and London) have contributed to this positive top line development. Robust rate increases have been another major growth factor. Overall, for the year to end September, AGCS achieved 8.7% in rate increases (including renewals and new business; or 7.8% for the renewal business only). At the same time AGCS has seen a significant inflow of new business estimated at over €1.2 billion in gross premium written.
- The combined ratio for 9M 2019 stands at 101.2% compared to 99.8% for 9M 2018, which is 1.4 percentage points worse than prior year, mainly attributed to deterioration of the loss ratio as a result of a higher number of large losses compared to 2018.
- Operating profit reached €250 million for 9M 2019 (9M 2018: €274 million) which is €24 million below prior year driven by a lower underwriting result partly offset by a higher investment income.
