Allianz Group 2011
May 14, 2012
Allianz’s profitability in 2011 was hit by adverse developments in the financial markets and, to a lesser extent, the high incidence of catastrophic loss. The group’s net profit fell to €2.55bn from €5.05bn in 2010 and Allianz attributed the decline mainly to a “very conservative” non-operating impairment of €1.9bn for Greek sovereign debt and investments. Non-life gross premiums reached a record high of €44.8bn, up 2% on the year, and operating profit remained strong at €4.2bn, although that represented a 2.5% fall. Natural catastrophes cost the group €1.8bn, pushing the combined ratio to 97.8% from 97.2%. The geographic split for the account was Germany 26.8%, North & South America 15.3%, France 12.2%, Italy 9.3%, UK 5.2%, Spain 4.6%, Switzerland 4.4%, other Europe 14.8%, Asia-Pacific & rest of the world 7.4%. Allianz Global Corporate & Specialty (AGCS) wrote gross premiums of €4.92bn,...