The ratings on Allianz Global Corporate&Specialty's (AGCS') core operating entities Allianz Global Corporate&Specialty SE (AGCS SE), Allianz Global Risks U.S. Insurance Co. (AGRUS; and related subsidiaries under the intercompany pooling agreement), and Allianz Fire and Marine Insurance Japan Ltd. reflect S&P Global Ratings' view of the companies' intrinsic roles as exclusive providers of global corporate and specialty insurance within the Allianz SE (AZSE) group. They also reflect our expectation that AZSE will support these entities under any stress scenario. Our ratings on AGCS' core operating entities are therefore in line with those on AZSE. In 2023, AGCS continued to post profitable underwriting results, exceeding our expectations and Allianz group performance, with a combined ratio–-core (excluding fronting
