Allianz Global Corporate & Specialty SE (AGCS), the corporate insurance carrier of Allianz Group reported H1 2022 GWP worth EUR 5.73 billion, up by EUR 572 million or by 11% y-o-y.

"This was mainly driven by higher rates on renewals (13% incl. adjustment of terms and conditions), a higher renewals base, new business as well as favourable foreign exchange effects. Most lines of business experienced year-on-year growth, especially Financial Lines, Energy & Construction, and Property".

The combined ratio for H1 2022 is 2.7%-p better than prior year and stands at 95.1% (6M 2021: 97.8%). "The improvement versus prior year is mainly driven by a favourable current accident year loss ratio due to lower claims activity resulting from portfolio improvements. In the first half of 2022, AGCS experienced a similar impact from natural catastrophes compared to last year, the most significant events for AGCS being the floods in Australia and a major hailstorm in France".

At the same time, the operating profit totaled EUR 290 million being EUR 111 million above prior year "due to the better underwriting performance in Q2 2022".