Allianz Group and AGCS Q2 / 6M 2016 Results

AGCS SE | August 5, 2016 | Munich

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.

Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. AGCS provides risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 12 dedicated lines of business.

Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also wineries, satellite operators or Hollywood film actors. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.

We constantly strive to deliver the best for our customers through our global team of around 4,400 employees from over 70 nationalities in 34 countries worldwide. As the one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial strength ratings and a global network in over 200 countries and territories. In 2018, AGCS generated a total of €8.2 billion gross premium worldwide.

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer:
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With the Allianz network AGCS provides services in over 200 countries and territories.