By Favour Nnabugwu
Allianz Global Corporate & Specialty (AGCS) records an increase of €87million in it gross premium written to €3.025 billion from (Q1 2021: €2.938 billion).
This was mainly driven by continued Effective Rate Changes of 14% for renewal business (incl. adjustment of terms & conditions) and a positive new business development – mainly driven by Financial Lines, Property and Liability. New business rose to €383million in the first quarter of 2022 (Q1 2021: €251 million).
The combined ratio for Q1 2022 is 3.3%-p better than prior year and stands at 95.0% (Q1 2021: 98.3%). The improvement over the previous year is mainly driven by a favourable NatCat experience in the first quarter of 2022, supported by positive expense ratio developments. Q1 figures also include a provision for expected claims relating to the ongoing war in Ukraine. Further details on AGCS’ limited Ukraine exposure are provided by Chief Claims Officer Thomas Sepp.
The operating profitof €134 million (2021: €81 million) is €53 million above prior year due to the better underwriting performance and relatively benign claims activity in the first quarter of 2021