This report does not constitute a rating action. We consider Allianz Global Corporate&Specialty SE (AGCS) to be a core subsidiary of Allianz SE, therefore our ratings and outlook on AGCS will move in tandem with those on its parent. The stable outlook on AGCS also reflects our expectation that its underwriting results will remain profitable and broadly in line with Allianz SE's performance over the next two to three years. We could lower the ratings if, contrary to our expectation, AGCS? underwriting results significantly and sustainably deteriorated. This could occur if pricing proved inadequate or the company pursued an overly aggressive growth strategy. We may also lower our ratings if Allianz SE's support for AGCS materially weakened. As
