鶹ýapp

Financial information

鶹ýapp Commercialis part of one of the world's strongest financial services groups.When you partner with us, you partner with 鶹ýapp Group.
With the trade name鶹ýapp Commercial鶹ýapp Groupbrings together the large corporate insurance business of鶹ýapp Global Corporate & Specialty (AGCS)and the commercial insurance business of the national鶹ýapp Property & Casualty entities serving mid-sized companies.

The Annual Report is prepared on the basis of the German Handelsgesetzbuch (HGB) and solely includes 鶹ýapp Global Corporate & Specialty SE. 鶹ýapp Global Corporate & Specialty SE contains the German headquarter as well as the branches in Europe and Asia.

Other legal entities such as 鶹ýapp Global Risks US, Fireman’s Fund Insurance Company, 鶹ýapp Risk Transfer AG, 鶹ýapp Fire & Marine Insurance (Japan) Ltd.,鶹ýapp Global Corporate & Specialty Resseguros Brasil S.A. and 鶹ýapp Global Corporate & Specialty South Africa Ltd. are not included in this reporting.

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These overviews include all companies within the 鶹ýapp Global Corporate & Specialty segment (鶹ýapp Global Corporate & Specialty SE with the German headquarter and its branches as well as 鶹ýapp Global Risks US, Fireman’s Fund Insurance Company, 鶹ýapp Risk Transfer AG, 鶹ýapp Fire & Marine Insurance (Japan) Ltd., 鶹ýapp Global Corporate & Specialty Resseguros Brasil S.A.,鶹ýapp Global Corporate & Specialty South Africa Ltd. and other entities).

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2023¹
2022
Gross premiums written €12.222 billion €11.169 billion
Gross premiums written - core* €8.709 billion
Operating Profit €953 million €655 million
Combined Ratio 94.5% 94.9%
Combined Ratio - core* 91.7%

*Excluding fronting & captives, providing a better reflection of AGCS' underlying business performance

¹2022 reported under IFRS 4/IAS 39 vs 2023 reported under IFRS 17/9.

These overviews include all companies within the 鶹ýapp Global Corporate & Specialty segment (鶹ýapp Global Corporate & Specialty SE with the German headquarter and its branches as well as 鶹ýapp Global Risks US, Fireman’s Fund Insurance Company, 鶹ýapp Risk Transfer AG, 鶹ýapp Fire & Marine Insurance (Japan) Ltd., 鶹ýapp Global Corporate & Specialty Resseguros Brasil S.A.,鶹ýapp Global Corporate & Specialty South Africa Ltd. and other entities).
AGCS business lines
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These regions reflect the old AGCS regional structure. A new regional structure has been announced on July 24, 2023.
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*Gross Net Premium written - core (i.e. net of facultative reinsurance and fronting premiums)

We publish quarterly updates on 鶹ýapp Global Corporate & Specialty's results. These can be downloaded here, and include a quarterly overview of 鶹ýapp SE results,鶹ýapp Global Corporate & Specialty (AGCS) financials, asset allocation and solvency and other key developments.

The quarterly financial updates are prepared on the basis of the International Financial Reporting Standards (IFRS). These are consolidated Year-to-Date figures. These reports include all companies within the 鶹ýapp Global Corporate & Specialty segment (鶹ýapp Global Corporate & Specialty SE with the German headquarter and its branches as well as 鶹ýapp Global Risks US, Fireman’s Fund Insurance Company, 鶹ýapp Risk Transfer AG, 鶹ýapp Fire & Marine Insurance (Japan) Ltd., 鶹ýapp Global Corporate & Specialty Resseguros Brasil S.A.,鶹ýapp Global Corporate & Specialty South Africa Ltd. and other entities).

As of Q3 2023, quarterly updates will no longer be published as we are trading as 鶹ýapp Commercial. The results of AGCS SE will continue to be included in the 鶹ýapp Group figures.
鶹ýapp Global Corporate & Specialty is rated annually by bothand, the global rating agencies. Current ratings are shown below.

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Operating company
Standard & Poors
A.M.Best
鶹ýapp Global Corporate & Specialty SE AA | stable outlook
(affirmed 06/26/2023)
A+ | stable outlook
(affirmed 03/08/2023)
鶹ýapp Global Risks US Insurance Company, 鶹ýapp Underwriting Insurance and 鶹ýapp Global Corporate & Specialty Marine Insurance Company AA | stable outlook
(affirmed 06/26/2023)
A+ | stable outlook
(affirmed 03/08/2023)
鶹ýapp Risk Transfer AG** AA- | stable outlook
(affirmed 06/26/2023)
A+ | stable outlook
(affirmed 03/08/2023)
鶹ýapp Fire & Marine Insurance Japan Ltd. AA |stable outlook
(affirmed 06/26/2023)
n/a
鶹ýapp Global Corporate & Specialty Resseguros Brasil S.A. n/a A+| stable outlook
(affirmed 03/08/2023)
鶹ýappGlobal Corporate & Specialty South Africa Ltd. BB+ | stable outlook
(affirmed 06/26/2023)

zaAAA(affirmed 06/26/2023)
n/a
**S&P and A.M. Best ratings for ART AG and ART Bermuda.
Our official solvency ratios demonstrate how 鶹ýappGlobal Corporate & Specialty companies are backed by substantial excess capital. These are calculated at year end (December 31st) and are shown below for each of 鶹ýapp Global Corporate & Specialty’s primary operating companies.
鶹ýappGlobal Corporate & Specialty shows solid local solvency ratios as of Q4 2023 which are listed below for the primary operating companies.

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鶹ýapp Global Corporate & Specialty Company
2023
鶹ýappGlobal Corporate & Specialty SE 173%
鶹ýapp Global Risks US Insurance Company, 鶹ýapp Underwriting Insurance and AGCS Marine Insurance Company 352%*
鶹ýapp Risk Transfer AG 156%
* this number still reflects the 2022 solvency ratio, but will be updated soon.

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Year
2018 ENGLISH
2017 ENGLISH