Financial results for the first three months of 2023 (‘3M 2023’) for Allianz Global Corporate & Specialty (AGCS)*:
- In Q1 2023, AGCS Total Gross Premium Written (GPW) of EUR 3.736 billion is +20% better than prior year (Q1 2022: €3.118 billion).
- Core Gross Net Premium Written (GNPW) of AGCS (i.e. premium net of fronting and facultative reinsurance) increased year-over-year by €487 million to €2.508 billion (Q1 2022: €2.021 billion) driven by strong new business, higher rates on renewals (7% on average incl. adjustment for terms and conditions) as well as a higher renewal base in multiple lines of business. Almost all lines of business achieved year-overyear growth, especially Alternative RiskTransfer, MidCorp and Property.
- The Core Combined Ratio for Q1 2023 is roughly in line with prior year and stands at 93.2% (Q1 2022: 93.0%). The improvement in both the current accident year loss ratio, benefitting from higher interest rates leading to a higher claims reserve discounting benefit, and the expense ratio is offset by a higher reinsurance ratio. The profitable underwriting performance allowed for an additional build-up of reserves, mainly to address inflation risks.
- The Operating Profit for Q1 2023 of €202 million (Q1 2022: €182 million) is €20 million better than prior year mainly due to a better insurance service result.
