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Allianz Group and AGCS Q3 2015 Results

  • In the third quarter of 2015, Allianz Group maintained revenues at a high level and achieved a solid operating profit.

  • For Q3 2015 AGCS results continue to reflect the integration of the Commercial business and associated activities from Fireman’s Fund Insurance Company (FFIC) and its subsidiaries as detailed in the previous quarter’s results.

  • Gross premiums written for 9M 2015 for the combined AGCS/FFIC business totaled €6.470 billion (9M 2014: €4.217 billion for AGCS pre-FFIC).

  • For the AGCS non-FFIC business, growth is mainly driven by positive foreign exchange effects and new business in Insurance Linked Markets from Allianz Risk Transfer.

  • AGCS Combined Ratio for 9M 2015 was 103% (9M 2014: 95% for AGCS pre-FFIC). This increase is caused by reserve strengthening for previous FFIC Commercial Business (already reflected in Q2 results) and increased loss activity which were only partly compensated by positive run-off.

  • Operating profit was €360 million (9M 2014 €363 million for AGCS pre-FFIC) supported by the sale of FFIC’s Personal Lines business to ACE and increased investment income, and partly counterbalanced by restructuring costs relating to the FFIC integration.

 

For the full AGCS picture, download the AGCS Q3 2015 results briefing here

For more information on Allianz SE results, please visit the Investor Relations page