Financial results for the first nine months of 2021 (‘9M 2021’) for Allianz Global Corporate & Specialty (AGCS)*:
- For Q3 2021, AGCS gross premium written decreased year-on-year by €125 million to €7.424 billion (9M 2020: €7.549 billion). The positive impact from effective rate changes of 20% for renewal business across the portfolio (adjusted for terms and conditions) was offset by selected corrective underwriting actions. Most Lines of Business observed strong momentum on rate improvement, with strongest rate increases in Entertainment, Financial Lines and Property.
- The combined ratio for 9M 2021 stands at 99.3% (9M 2020: 112.7%), which is 13.4%-p better than prior year, mainly benefitting from a lower COVID-19 claims volume, offset by significant natural catastrophe losses in Q3 2021; Covid-19 related reserves booked amounted to €37 million compared to €493 million for the same period in 2020. The negative impact of large and especially natural catastrophe losses in the current accident year is expected to reduce in fourth quarter. In addition, AGCS’ 2021 reinsurance structure will also help reduce any further impact from large and catastrophe losses.
- AGCS’ 6M 2021 operating profit of €179 million (6M 2020: operating loss of €295 million) is €474 million above prior year driven by a significantly lower impact from Covid-19 losses and a positive underwriting performance.
