Allianz Group and AGCS releases its financial results for the second quarter of 2016.
- AGCS gross premiums written for 6M 2016 totaled €4.247 billion (6M 2015: €4.480). This decline is driven by ongoing pressure on rates across various Lines of Business in a competitive market environment, but also reflects top line results before the sale of FFIC’s Personal Lines business to ACE in the second quarter of 2015.
- The combined ratio for 6M 2016 was 102.9% (6M 2015: 104.9%), which is 2 percentage points lower year-on-year. Higher favorable run-off from prior years’ business was only partly offset by major Nat Cat losses in Q2 2016 caused by United States hailstorms, Canadian wildfires, floods in Germany, and by other losses.
- Operating profit of €158 million in 6M 2016 is impacted by negative underwriting result mainly due to Nat Cat and large losses. Compared to prior year, operating profit is €114million lower, reflecting special effects in 2015 related to the FFIC integration, such as the positive impact from the gain on sale of FFIC’s Personal Lines business.