Bulletin: While AGCS's 2020 Results Are Gloomy, Its Prospects Are Brightening

FRANKFURT (S&P Global Ratings) Feb. 19, 2021--S&P Global Ratings said today that while Allianz Global Corporate&Specialty SE's (AGCS; AA/Negative) full-year results were severely hit by the COVID-19 pandemic and additional reserve strengthening, they were as we expected and already factored into our negative outlook. AGCS reported to its parent company Allianz SE (AA/Stable/A-1+) an operating loss of €482 million with a combined ratio of 115.5%. The underwriting result was affected by an additional reserve strengthening of €300 million (we had anticipated similar) and COVID-19-related claims. The entertainment business line (event cancellation for example) alone was impacted by about €400 million. We therefore continue to expect that the overall effect of the pandemic on AGCS's underwriting results will have

...February 19, 2021 FRANKFURT (S&P Global Ratings) Feb. 19, 2021--S&P Global Ratings said today that while Allianz Global Corporate & Specialty SE's (AGCS; ##/Negative) full-year results were severely hit by the COVID-19 pandemic and additional reserve strengthening, they were as we expected and already factored into our negative outlook. AGCS reported to its parent company Allianz SE (##/Stable/A-1+) an operating loss of 482 million with a combined ratio of 115.5%. The underwriting result was affected by an additional reserve strengthening of 300 million (we had anticipated similar) and COVID-19-related claims. The entertainment business line (event cancellation for example) alone was impacted by about 400 million. We therefore continue to expect that the overall effect of the pandemic on AGCS's underwriting results will have exceeded 500 million in 2020. AGCS achieved significant rate increases for 2021. Therefore, we still anticipate that AGCS can improve its profitability and move toward...

Bulletin