Financial results for the first nine months of 2022 (‘9M 2022’) for Allianz Global Corporate & Specialty (AGCS)*:
- In the nine-month of 2022, gross premium written (GPW) of AGCS increased year-on-year by €1.063 billion (14%) to €8.486 billion (Q3 2021: €7.424 billion), driven by higher rates on renewals (13% incl. adjustment of terms and conditions), a higher renewals base, new business, an increased retention rate as well as favourable foreign exchange effects. Most lines of business experienced year-on-year growth, especially Financial Lines, Property, Entertainment and MidCorp.
- The combined ratio for Q3 2022 is 3.9%-p better than prior year and stands at 95.4% (Q2 2021: 99.3%). This improvement is mainly driven by a favourable current accident year loss ratio across all segments due to lower claims activity resulting from portfolio improvements. AGCS also saw lower claims activity for natural catastrophes, but nevertheless was affected by Hurricane Ian in the United States and a major hailstorm in France.
- The operating profit for Q3 2022 of €459 million (Q3 2021: €205 million) is €254 million better than prior year due to both better underwriting performance and improved investment result.
