Allianz Group and AGCS released its financial results for the full year 2016 ('12M 2016').
AGCS delivered a solid business performance in 2016, generating gross premiums written of €7.592 billion (12M 2015: €8.107 billion), which is €515 million lower than prior year.
The combined ratio for 12M 2016 was 101.6% (12M 2015: 102.9%), which is 1.4 percentage points better year-on-year. While overall claims activity in 2016 was more favorable than in 2015, the combined ratio still reflects major claims such as hail storms in North America and the Canadian wildfires as well as a number of large industry losses in Europe and South America.
Operating profit reached €376 million 2016 (12M 2015: €423 million) which is 11% lower year-on-year. In 2015, operating profit had benefitted from the gain on sale of the FFIC Personal Lines book. This extraordinary effect could not be offset by an improved underwriting result in 2016.
For the full AGCS picture, download the AGCS Q4/12M 2016 results briefing here
For more information on Allianz SE results, please visit the Investor Relations page.