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Financial information

With the trade nameǿմý Commercialǿմý Groupbrings together the large corporate insurance business ofǿմý Global Corporate & Specialty (AGCS)and the commercial insurance business of the nationalǿմý Property & Casualty entities serving mid-sized companies.

The ǿմý Commercial trade name was first announced in March 2023 and officially introduced for AGCS and the commercial insurance business of selected ǿմý national entities in July 2023.

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

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

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Year
2022 ENGLISH GERMAN
2021 ENGLISH GERMAN
2020 ENGLISH
2019 ENGLISH GERMAN|
2018 ENGLISH GERMAN
2017
These overviews include all companies within the ǿմý Global Corporate & Specialty segment (ǿմý Global Corporate & Specialty SE with the German headquarter and its branches as well as ǿմý Global Risks US, Fireman’s Fund Insurance Company, ǿմý Risk Transfer AG, ǿմý Fire & Marine Insurance (Japan) Ltd., ǿմý Global Corporate & Specialty Resseguros Brasil S.A.,ǿմý Global Corporate & Specialty South Africa Ltd. and other entities).

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2022
2021
Gross premiums written €11.169 billion €9.486 billion
Operating Profit €655 million €366 million
Combined Ratio 94.9% 97.5%
These overviews include all companies within the ǿմý Global Corporate & Specialty segment (ǿմý Global Corporate & Specialty SE with the German headquarter and its branches as well as ǿմý Global Risks US, Fireman’s Fund Insurance Company, ǿմý Risk Transfer AG, ǿմý Fire & Marine Insurance (Japan) Ltd., ǿմý Global Corporate & Specialty Resseguros Brasil S.A.,ǿմý Global Corporate & Specialty South Africa Ltd. and other entities).
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*Gross Net Premium written (i.e. net of facultative reinsurance and fronting premiums)

We publish quarterly updates on ǿմý Global Corporate & Specialty's results. These can be downloaded here, and include a quarterly overview of ǿմý SE results,ǿմý 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 ǿմý Global Corporate & Specialty segment (ǿմý Global Corporate & Specialty SE with the German headquarter and its branches as well as ǿմý Global Risks US, Fireman’s Fund Insurance Company, ǿմý Risk Transfer AG, ǿմý Fire & Marine Insurance (Japan) Ltd., ǿմý Global Corporate & Specialty Resseguros Brasil S.A.,ǿմý 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 ǿմý Commercial. The results of AGCS SE will continue to be included in the ǿմý Group figures.
ǿմý 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
ǿմý Global Corporate & Specialty SE AA | stable outlook
(affirmed 06/26/2023)
A+ | stable outlook
(affirmed 03/08/2023)
ǿմý Global Risks US Insurance Company, ǿմý Underwriting Insurance and ǿմý Global Corporate & Specialty Marine Insurance Company AA | stable outlook
(affirmed 06/26/2023)
A+ | stable outlook
(affirmed 03/08/2023)
ǿմý Risk Transfer AG** AA- | stable outlook
(affirmed 06/26/2023)
A+ | stable outlook
(affirmed 03/08/2023)
ǿմý Fire & Marine Insurance Japan Ltd. AA |stable outlook
(affirmed 06/26/2023)
n/a
ǿմý Global Corporate & Specialty Resseguros Brasil S.A. n/a A+| stable outlook
(affirmed 03/08/2023)
ǿմýGlobal 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 ǿմýGlobal Corporate & Specialty companies are backed by substantial excess capital. These are calculated at year end (December 31st) and are shown below for each of ǿմý Global Corporate & Specialty’s primary operating companies.
ǿմýGlobal Corporate & Specialty shows solid local solvency ratios as of Q4 2022 which are listed below for the primary operating companies.

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ǿմý Global Corporate & Specialty Company
2022
ǿմýGlobal Corporate & Specialty SE 160%
ǿմý Global Risks US Insurance Company, ǿմý Underwriting Insurance and AGCS Marine Insurance Company 352%
ǿմý Risk Transfer AG 138%

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Year
2018 ENGLISH
2017 ENGLISH

The ǿմý Commercial approach has now been introduced in the first markets (Australia, France, Germany and United Kingdom), ensuring one face to market for our customers and brokers. With a globally consistent underwriting and product approach, a strong local delivery through one team, a wider risk appetite and a seamless delivery, ǿմý Commercial plays the full Commercial market. This approach will be further implemented across other markets globally in the coming months.

For details of the ǿմý companies within ǿմý Commercial, please visit their individual website.