Financial information

Allianz Commercial is part of one of the world's strongest financial services groups. When you partner with us, you partner with Allianz Group.
With the trade name Allianz Commercial Allianz Group brings together the large corporate insurance business of Allianz Global Corporate & Specialty (AGCS) and the commercial insurance business of the national Allianz Property & Casualty entities serving mid-sized companies.

The Annual Report is prepared on the basis of the German Handelsgesetzbuch (HGB) and solely includes Allianz Global Corporate & Specialty SE. Allianz Global Corporate & Specialty SE contains the German headquarter as well as the branches in Europe and Asia.

Other legal entities such as Allianz Global Risks US, Fireman’s Fund Insurance Company, Allianz Risk Transfer AG, Allianz Fire & Marine Insurance (Japan) Ltd., Allianz Global Corporate & Specialty Resseguros Brasil S.A. and Allianz Global Corporate & Specialty South Africa Ltd. are not included in this reporting.

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These overviews include all companies within the Allianz Global Corporate & Specialty segment (Allianz Global Corporate & Specialty SE with the German headquarter and its branches as well as Allianz Global Risks US, Fireman’s Fund Insurance Company, Allianz Risk Transfer AG, Allianz Fire & Marine Insurance (Japan) Ltd., Allianz Global Corporate & Specialty Resseguros Brasil S.A., Allianz Global Corporate & Specialty South Africa Ltd. and other entities).

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2023¹
2022
Gross premiums written €12.222 billion €11.169 billion
Gross premiums written - core* €8.709 billion  
Operating Profit €953 million €655 million
Combined Ratio 94.5% 94.9%
Combined Ratio - core* 91.7%  

*Excluding fronting & captives, providing a better reflection of AGCS' underlying business performance

¹2022 reported under IFRS 4/IAS 39 vs 2023 reported under IFRS 17/9.

These overviews include all companies within the Allianz Global Corporate & Specialty segment (Allianz Global Corporate & Specialty SE with the German headquarter and its branches as well as Allianz Global Risks US, Fireman’s Fund Insurance Company, Allianz Risk Transfer AG, Allianz Fire & Marine Insurance (Japan) Ltd., Allianz Global Corporate & Specialty Resseguros Brasil S.A., Allianz Global Corporate & Specialty South Africa Ltd. and other entities).
AGCS business lines
 
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These regions reflect the old AGCS regional structure. A new regional structure has been announced on July 24, 2023.
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*Gross Net Premium written - core (i.e. net of facultative reinsurance and fronting premiums)

We publish quarterly updates on Allianz Global Corporate & Specialty's results. These can be downloaded here, and include a quarterly overview of Allianz SE results, Allianz Global Corporate & Specialty (AGCS) financials, asset allocation and solvency and other key developments.

The quarterly financial updates are prepared on the basis of the International Financial Reporting Standards (IFRS). These are consolidated Year-to-Date figures. These reports include all companies within the Allianz Global Corporate & Specialty segment (Allianz Global Corporate & Specialty SE with the German headquarter and its branches as well as Allianz Global Risks US, Fireman’s Fund Insurance Company, Allianz Risk Transfer AG, Allianz Fire & Marine Insurance (Japan) Ltd., Allianz Global Corporate & Specialty Resseguros Brasil S.A., Allianz Global Corporate & Specialty South Africa Ltd. and other entities).

As of Q3 2023, quarterly updates will no longer be published as we are trading as Allianz Commercial. The results of AGCS SE will continue to be included in the Allianz Group figures.
Allianz Global Corporate & Specialty is rated annually by both  Standard & Poors and  A.M. Best, the global rating agencies. Current ratings are shown below.

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Operating company
Standard & Poors
A.M.Best
Allianz Global Corporate & Specialty SE AA | stable outlook
(affirmed 06/26/2023)
A+ | stable outlook
(affirmed 03/08/2023)
Allianz Global Risks US Insurance Company, Allianz Underwriting Insurance and Allianz Global Corporate & Specialty Marine Insurance Company AA | stable outlook
(affirmed 06/26/2023)
A+ | stable outlook
(affirmed 03/08/2023)
Allianz Risk Transfer AG** AA- | stable outlook
(affirmed 06/26/2023)
A+ | stable outlook
(affirmed 03/08/2023)
Allianz Fire & Marine Insurance Japan Ltd. AA | stable outlook
(affirmed 06/26/2023)
n/a
Allianz Global Corporate & Specialty Resseguros Brasil S.A. n/a A+ | stable outlook
(affirmed 03/08/2023)
Allianz Global Corporate & Specialty South Africa Ltd. BB+ | stable outlook
(affirmed 06/26/2023)

zaAAA (affirmed 06/26/2023)
n/a
**S&P and A.M. Best ratings for ART AG and ART Bermuda.
Our official solvency ratios demonstrate how Allianz Global Corporate & Specialty companies are backed by substantial excess capital. These are calculated at year end (December 31st) and are shown below for each of Allianz Global Corporate & Specialty’s primary operating companies.
Allianz Global Corporate & Specialty shows solid local solvency ratios as of Q4 2023 which are listed below for the primary operating companies.

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Allianz Global Corporate & Specialty Company
2023
Allianz Global Corporate & Specialty SE 173%
Allianz Global Risks US Insurance Company, Allianz Underwriting Insurance and AGCS Marine Insurance Company 352%*
Allianz Risk Transfer AG 156%
* this number still reflects the 2022 solvency ratio, but will be updated soon.

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Year
 
2018 ENGLISH
2017 ENGLISH