Financial information

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* Please note that the Annual Report is prepared on the basis of the german Handelsgesetzbuch (HGB) and solely includes AGCS SE. AGCS SE contains the German headquarter as well as the branches in Europe and Asia.

Other Legal Entities as Allianz Global Risks US, Fireman’s Fund Insurance Company, Allianz Risk Transfer AG, Allianz Fire & Marine Insurance (Japan) Ltd., Allianz Global Corporate & Specialty Resseguros Brasil S.A. and Allianz Global Corporate & Specialty South Africa Ltd. are not included in this reporting.

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2022
2021
Gross premiums written €11.169 billion €9.486 billion
Operating Profit €655 million €366 million
Combined Ratio 94.9% 97.5%
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**Gross Net Premium written (i.e. net of facultative reinsurance and fronting premiums)
We publish quarterly updates on AGCS' results. These can be downloaded here, and include a quarterly overview of Allianz SE results, Allianz Global Corporate & Specialty SE (AGCS) financials, asset allocation and solvency and other key developments.
*** Please note that the quarterly financial updates are prepared on the basis of the International Financial Reporting Standards (IFRS). These are consolidated Year-to-Date figures. These reports include all companies within the AGCS segment (AGCS SE with the German headquarter and its branches as well as Allianz Global Risks US, Fireman’s Fund Insurance Company, Allianz Risk Transfer AG, Allianz Fire & Marine Insurance (Japan) Ltd., Allianz Global Corporate & Specialty Resseguros Brasil S.A., Allianz Global Corporate & Specialty South Africa Ltd. and other entities).
AGCS is rated annually by both Standard & Poors and A.M. Best, the global rating agencies. Current ratings are shown below.

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AGCS Company
Standard & Poors
A.M.Best
Allianz Global Corporate & Specialty SE AA
(December 2022)
A+ 
(June 2022)
Allianz Global Risks US Insurance Company, Allianz Underwriting Insurance and AGCS Marine Insurance Company AA 
(December 2022)
A+
(June 2022)
Allianz Risk Transfer AG**** AA
(December 2022)
A+ 
(June 2022)
Allianz Fire & Marine Insurance (Japan) Ltd. AA 
(December 2022)
n/a
Allianz Global Corporate & Specialty Resseguros Brasil S.A. n/a A+
(June 2022)
Allianz Global Corporate & Specialty South Africa Ltd. BB+ global 
zaAAA local 
(December 2022)
n/a
**** S&P and A.M. Best ratings for ART AG and ART Bermuda.
Our official solvency ratios demonstrate how AGCS companies are backed by substantial excess capital. These are calculated at year end (December 31st) and are shown below for each of AGCS’s primary operating companies.
AGCS shows solid local solvency ratios as of Q4 2022 which are listed below for the primary operating companies.

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AGCS Company Solvency Ratios
2022
AGCS SE 160%**
AGCS North America 299% (Q4 2021)
ART AG 138%**
**Not yet audited

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Year
 
2018 ENGLISH
2017 ENGLISH

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The Allianz Group offers a wide range of products, services, and solutions in insurance and asset management and operates as an international insurer on almost every continent.
With our worldwide network, Allianz Global Corporate & Specialty (AGCS) is one of the very few global insurers with an exclusive focus on the needs of global corporate and specialty clients.