Financial results for half of the year 2021 (‘6M 2021’) for Allianz Global Corporate & Specialty (AGCS)*:
- In Q2 2021, AGCS gross premium written decreased year-on-year by €355 million to €5.165 billion (6M 2020: €5.520 billion). Positive impact from effective rate changes of 22% for renewal business across the portfolio was offset by selected underwriting actions, targeting loss making accounts and segments. Most Lines of Business observed strong momentum on rate improvement, with strongest increases in Financial Lines, Property and Entertainment.
- The combined ratio for 6M 2021 stands at 97.8% (6M 2020: 117.2%), which is 19.4% percentage points better than prior year, mainly benefitting from a lower claims volume related to Covid-19. As at Q2 2021, Covid-19 related reserves booked amounted to €35 million compared to €488 million for the first half of 2020.
- 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.
