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MUNICH, Germany Allianz Global Corporate & Specialty, the German insurance group's recently launched company for large international insurance buyers, reported a strong increase in premium income during the first quarter of this year.
AGCS posted total gross written premiums in the first quarter of this year of €934 million ($1.27 billion) against €870 million ($1.18 billion) during the same period last year, an increase of 4.4%.
During the first quarter of 2005, the specialist operation created for the Munich-based group's global industrial and commercial customers wrote gross premiums of €784 million ($1.06 billion).
At the same time, however, AGCS' combined ratio took a turn for the worse as it rose strongly from the exceptionally low 83.1% posted in the first quarter of last year to 96% so far this year.
For the first quarter of 2005 AGCS's predecessor companies reported a comparable combined ratio of 94%.
AGCS was one of the better performing units in Allianz's overall nonlife operations.The group nonlife revenues were flat for the third first quarter running at €14.1 billion ($19.1 billion).
Claims were higher overall, however, partly driven by some €340 million ($461.1 million) of losses from winter storm Kyrill that added 3.7% to the overall combined ratio to deliver a total figure of 96.8% against only 94.7% last year.
Operating profit for the group nonlife operations was therefore down 8.6% to €1.27 billion ($1.72 billion) from €1.39 billion ($1.89 billion) during the first quarter of 2006.
Net profit was up slightly for the nonlife operations from €1.1 billion ($1.49 billion) last year to €1.18 billion ($1.60 billion) so far this year, an increase of 7.3%.