DAILY NEWS Feb 21, 2013 10:32 AM - 0 comments

Annual net income nearly doubles, accident loss ratios drop at Allianz

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Allianz SE released Thursday its financial results for 2012, reporting gross written premiums in property and casualty of 46.9 billion Euros, up from 44.8 billion Euros in 2011.


The Munich-based firm's combined ratio in P&C for the full year was 96.3%, down from 97.8% in 2011.

"Despite the effects of the storm Sandy, natural catastrophes contributed only 1.7 percentage points to the loss ratio in 2012, compared to 4.4 percentage points the year before," Allianz stated in a press release. "The accident year loss ratio for 2012 fell to 71.2% from 74.1% for the previous year."

In addition to P&C, Allianz provides reinsurance, liability, marine and other specialty corporate insurance covers, in addition to asset management for private and institutional clients. It has 142,000 employees in 70 countries.

In Canada, Allianz provides corporate specialty insurance out of a Toronto office. It also owns Kitchener, Ont.-based Allianz Global Assist, a travel insurance unit formerly known as Mondial. Its other operations in Canada include pension and retirement fund manager Pimco and Euler Hermes out of Montreal, which provides accounts receivable insurance and credit analysis.

Worldwide, Allianz reported year-over-year revenue and net income increases of 2.7% and 95.8% respectively. It recorded net income of 5.491 billion Euros in 2012 on revenues of 106.4 billion Euros, up from net income of 2.804 billion Euros on revenues of 103.6 billion Euros in 2011.

"The 2011 result had been impacted by impairments from Greek sovereign debt and investments, particularly in financials," Allianz stated.

For the full year, net income from P&C insurance was 3.471 billion Euros, up 23.4% from 2.812 billion Euros in 2011.

For the fourth quarter of 2012, Allianz reported P&C net income of 1.014 billion Euros, up from 790 million Euros during the final quarter of 2011. The P&C combined ratio in the final quarter of 2012 was 95.4%, down from 97.8% in 2011. For the entire company, Allianz reported fourth-quarter net income of 1.289 billion Euros on revenues of 25.9 billion Euros in 2012, compared to net income of 560 million Euros on revenues of 25 billion Euros during the final quarter of 2011.

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