Allianz Group and AGCS released its financial results for the second quarter of 2019 ('6M 2019').
- In the first half of 2019, AGCS has increased gross premium written to €4.865 billion (6M 2018: €4.371 billion), which is €494 million higher year on year. All AGCS Lines of Business and regions (especially North America and London) have contributed to solid growth. Across its global portfolio of new business and renewals, AGCS achieved rate increases of 6.3% on average in the first half of 2019, with some segments seeing significantly higher rate increases.
- The combined ratio for 6M 2019 stands at 100.4% compared to 97.7% for 6M 2018, which is 2.7 percentage points worse than prior year, mainly attributed to deterioration of the loss ratio as a result of a higher number of large losses compared to the first half of 2018.
- Operating profit reached €185 million for 6M 2019 (6M 2018: €233 million) which is €48 million below prior year driven by a lower underwriting result partly offset by a higher investment income.