Allianz Global Corporate&Specialty SE

The Allianz group's dedicated carrier for global corporate and specialty insurance, contributing 14% of the group's property/casualty (P/C) premiums and 4% of P/C operating profit (6% normalized over the past five years). One of the largest global industrial lines insurers, based on gross premiums of €7.4 billion in 2017. Well-established brand that has a global footprint and recently strengthened its presence in Asia. High insurance capacity in the market and portfolio pruning measures in the U.S. constrain overall premium development. Stabilized capitalization, after capital upstream to its parent in 2016/2017. Technical profitability depressed by performance of Fireman's Funds companies, although improving. Elevated potential for volatility of capital and earnings compared with personal lines non-life insurers, due to exposure to natural

...Business Risk Profile + The Allianz group's dedicated carrier for global corporate and specialty insurance, contributing 14% of the group's property/casualty (P/C) premiums and 4% of P/C operating profit (6% normalized over the past five years). + One of the largest global industrial lines insurers, based on gross premiums of 7.4 billion in 2017. + Well-established brand that has a global footprint and recently strengthened its presence in Asia. + High insurance capacity in the market and portfolio pruning measures in the U.S. constrain overall premium development. Financial Risk Profile + Stabilized capitalization, after capital upstream to its parent in 2016/2017. + Technical profitability depressed by performance of Fireman's Funds companies, although improving. + Elevated potential for volatility of capital and earnings compared with personal lines non-life insurers, due to exposure to natural catastrophes and other large loss events, partly offset by reinsurance protection....

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