3Q 2022: Total revenues jumped 14.2 percent to 16.1 (14.1) billion euros. Adjusted for foreign currency translation and consolidation effects, the internal growth was 8.8 percent due to a strong price effect of 6.7 percent, a volume effect of 1.7 percent and a service effect of 0.4 percent.
Operating profit surged 32.0 percent to 1.7 (1.3) billion euros, due to strong growth in the operating investment result, driven by inflation-linked bonds and higher interest rates. A further rise in the underwriting result, mainly due to growth in premiums, lower claims from natural catastrophes and a favorable contribution from the run-off result, also contributed to growth. These developments more than offset higher attritional losses, largely due to higher claims inflation as well as higher large and weather-related losses.
In line with these developments, the combined ratio improved by 0.7 percentage points to 94.0 percent (94.7 percent). The expense ratio improved slightly to 26.6 percent (26.7 percent), driven by a lower administrative expense ratio.
9M 2022: Total revenues jumped 12.7 percent to 53.8 (47.7) billion euros. Adjusted for foreign currency translation and consolidation effects, internal growth was strong at 8.8 percent, supported by a price effect of 5.3 percent, a volume effect of 2.9 percent and a service effect of 0.6 percent.
Operating profit surged 13.5 percent to 4.7 (4.2) billion euros, mostly driven by a significantly higher operating investment result and further improvement in the underwriting result.
The combined ratio was 94.1 percent (93.9 percent) as the impact of higher attritional losses related to claims inflation as well as higher weather-related losses was partially offset by a favorable run-off result. The expense ratio rose slightly to 26.8 percent (26.7 percent) due to higher acquisition costs.