Allianz Global Corporate & Specialty SE (AGCS), the corporate insurance carrier of Allianz Group reported January-September 2022 GWP worth EUR 8.486 billion, up by EUR 1.06 billion or by 14% 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, an increased retention rate as well as favorable foreign exchange effects.

AGCS' 9M 2022 operating profit of EUR 459 million (9M 2021: EUR205 million) is EUR 254 million better than prior year due "to both better underwriting performance and improved investment result".

The combined ratio for 3Q 2022 is 3.9%-p better than prior year and stands at 95.4%, as AGCS representatives mentioned in a statement. "This improvement is mainly driven by a favorable current accident year loss ratio across all segments due to lower claims activity resulting from portfolio improvements. AGCS also saw lower claims activity for natural catastrophes, but nevertheless was affected by Hurricane Ian in the United States and a major hailstorm in France".