"The positive impact from effective rate changes of 18% for renewal business (adjusted for terms and conditions), a higher renewal base and new business have more than offset selected corrective underwriting actions targeting unprofitable accounts and segments".
The combined ratio for 2021 stands at 97.5% (2020: 115.5%), which is 18.0% better than prior year.
"While AGCS achieved a positive underwriting result, it has seen significant claims impact from natural catastrophes and also losses from Covid-19 (reserves booked amounted to approx. EUR 100 million in 2021 compared to EUR 521 million for the same period in 2020).
This result reflects AGCS's focus on volatility management as well as the benefits of a new reinsurance structure".
AGCS' 2021 operating profit of EUR 366 million (2020: operating loss of EUR 482 million) is EUR 848 million above prior year driven by a significantly lower impact from Covid-19 losses and an overall positive underwriting performance.
1268 views
