Financial results for the full year of 2022 (‘12M 2022’) for Allianz Global Corporate & Specialty (AGCS)*:
- In 2022, gross premium written (GPW) of AGCS grew year-on-year by €1.683 billion (18%) to €11.169 billion (2021: €9.486 billion), driven by a higher renewals base, higher rates on renewals (11% on average incl. adjustment of terms and conditions), new business as well as favorable foreign exchange effects. Most lines of business achieved business growth, especially Property, Financial Lines, Energy & Construction and MidCorporate.
- The combined ratio for 2022 is 2.5%-p better than prior year and stands at 94.9% (2021: 97.5%). This improvement is driven by a favorable contribution from both expense ratio and current accident year loss ratio across all loss segments due to portfolio improvements and lower claims activity for natural catastrophes. The excellent underwriting performance allowed for an appropriate build-up of reserves, mainly to address inflationary risks.
- The operating profit for 2022 of €655 million (2021: €366 million) is €289 million better than prior year due to both better underwriting performance and investment result.
