Allianz Group and AGCS released its financial results for the full year 2017 ('12M 2017').
In 2017 AGCS generated gross premium written of €7.406 billion (12M 2016: €7.592 billion), which is €186 million lower year on year. This revenue decline is largely driven by the discontinuation of the Crop business in the United States, but also reflects adjusted portfolio strategies in selected Specialty segments which could not be completely compensated by growth in the Corporate segment and fronting business.
The combined ratio for 12M 2017 rose by 3.7 percentage points to 105.2% compared to 101.6% for 12M 2016. The loss ratio suffered from high claims activity caused by the 2017 hurricanes and wildfires in the US as well as other natural catastrophes and man-made losses.
Operating profit decreased to €156 million in 12M 2017 (12M 2016: €382 million) which is €226 million lower than prior year. The decline of operating profit is driven by lower income from Underwriting and Investments.
For the full AGCS picture, download the AGCS Q4/12M 2017 results briefing here
For more information on Allianz SE results, please visit the Investor Relations page.