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 dummy 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.
This document summarizes the financial results for the first three months of 2022 (‘3M 2022’) for Allianz Global Corporate & Specialty (AGCS) as well as for Allianz Group, which were announced on May 12, 2022.
Full details of Allianz Group results for 3M 2022, including the analysts’ presentation, are available at Allianz Group’s Investor Relations web pages.
Results for Q2 2022 for Allianz Group and Allianz Global Corporate & Specialty will be available on August 5, 2022.
* Specifically, Allianz Global Corporate & Specialty SE, Allianz Risk Transfer AG, Allianz Risk Transfer (Bermuda) Ltd., Allianz Global Corporate & Specialty North America (legal names Allianz Global Risks US Insurance Company, Allianz Underwriting Insurance and AGCS Marine Insurance Company), Fireman’s Fund Insurance Company and subsidiaries, AGCS Japan (legal name Allianz Fire and Marine Insurance Japan Ltd.), AGCS Re Brazil (legal name Allianz Global Corporate & Specialty Resseguros Brasil S.A.) and Allianz Global Corporate & Specialty South Africa Ltd.

Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancyProperty-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across nine dedicated lines of business and six regional hubs.

Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses. Among them are not only the world’s largest consumer brands, financial institutions, tech companies and the global aviation and shipping industry, but also satellite operators or Hollywood film productions. They all look to AGCS for smart solutions and global programs to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.

Worldwide, AGCS operates with its own teams in more than 30 countries and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,250 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2021, AGCS generated a total of €9.5 billion gross premium globally.

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The Allianz Group offers a wide range of products, services, and solutions in insurance and asset management and operates as an international insurer on almost every continent.
With our worldwide network, Allianz Global Corporate & Specialty (AGCS) is one of the very few global insurers with an exclusive focus on the needs of global corporate and specialty clients.