Allianz Global Corporate & Specialty SE (AGCS), the corporate insurance carrier of Allianz Group reported Q1 2022 gross premium written worth EUR 3.025 billion, an increase of EUR 87 million vs. Q1 2021 (EUR 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", as the company informed in a statement.

The re/insurer mentioned that new business rose to EUR 383million in the first quarter of 2022 (Q1 2021: EUR 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%), while the operating profit of EUR 134 million (2021: EUR 81 million) is EUR 53 million above prior year due to the better underwriting performance and relatively benign claims activity in the first quarter of 2021.

"The improvement over the previous year is mainly driven by a favorable 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".