Allianz Group and AGCS releases its financial results for first half of 2017.
- AGCS gross premiums written for 6M 2017 totaled €3.939 billion (6M 2016: €4.247 billion). In a highly competitive market environment premiums are €307 million lower year on year. This revenue decline is largely driven by ongoing pressure on rates across various Lines of Business as well as adjusted portfolio strategies in some segments.
- The combined ratio for 6M 2017 improved to 98.8% which is 4.1 percentage points better compared to 102.9% for 6M 2016. The main driver is a lower loss ratio which benefitted from a relatively low number of natural catastrophe claims.
- Operating profit reached €225million in 6M 2017 (6M 2016: €157 million) which is €68 million higher than prior year. The rise in underwriting profitability was partly counterbalanced by a lower investment income.