Allianz Group and AGCS* released its financial results for the first nine months of 2020 ('9M 2020').
- In the first 9M of 2020, AGCS gross premium written grew by 5.7% to €7.549 billion (9M 2019: €7.142 billion) due to strong performance in the Capital Solutions line of business with higher premiums flows from capital market partners. AGCS continued to see strong rate increases of 22% on average across its portfolio (for renewal and new business). Primary increasesare observed in Aviation and Property, but also in Liability and Financial Lines.
- The combined ratio for 9M 2020 stands at 112.7% (9M 2019: 101.2%), largely attributed to COVID-19 claims particularly in the Entertainment segment. The unfavourable loss ratio development is partly mitigated by an improved expense ratio benefitting from top line increase, cost savings and reduced travel expenses. Excluding COVID-19 claims impactof €493 mn, the combined ratio would stand at 100.4%.
- AGCS’ 9M 2020 operating loss of €257million (9M 2019: profit of €250million) is €507million below prior year driven by lower underwriting result and investment income. Excluding the impact from the global pandemic, operating profit would be €269million which is €19million above prior year.
