Financial results for the first three months of 2022 (‘3M 2022’) for Allianz Global Corporate & Specialty (AGCS)*:
- In the first quarter 2022, gross premium written increased year-on-year by €87 million to €3.025 billion (Q1 2021: €2.938 billion). This was mainly driven by continued Effective Rate Changes of 14% for renewal business (incl. adjustment of terms & conditions) and a positive new business development – mainly driven by Financial Lines, Property and Liability. New business rose to €383million in the first quarter of 2022 (Q1 2021: €251 million).
- The combined ratio for Q1 2022 is 3.3%-p better than prior year and stands at 95.0% (Q1 2021: 98.3%). The improvement over the previous year is mainly driven by a favourable NatCat experience in the first quarter of 2022, supported by positive expense ratio developments. Q1 figures also include a provision for expected claims relating to the ongoing war in Ukraine. Further details on AGCS’ limited Ukraine exposure are provided by Chief Claims Officer Thomas Sepp here.
- The operating profit of €134 million (2021: €81 million) is €53 million above prior year due to the better underwriting performance and relatively benign claims activity in the first quarter of 2021.
