Allianz Insurance Singapore Pte. Ltd.

Our view of AIS' anchor reflects the insurer's healthy capitalization and moderate business position in Singapore's competitive P/C insurance market. This is based on the insurer's brand strength and reputation in the Singapore market to attract business, better confidence in dealing with intermediaries, healthy capital and business diversity that shall withstand potential volatility in the initial years of operations. The stable outlook on AIS reflects our rating outlook on Allianz SE, and our view that AIS will maintain its SACP and remain a strategically important subsidiary of the group over the next 12-24 months. We believe AIS will gradually build its competitive position while maintaining healthy capital buffers over the next two years. The company's prospective capitalization should cushion the

...Allianz Insurance Singapore Pte. Ltd. (AIS) benefits from group support owing to its strategically important subsidiary status. In our opinion, AIS will continue to play an important role in supporting the Allianz group's growth strategy to better serve retail clients, small and midsize enterprises (SME), and midsize corporate markets within Singapore and the broader Southeast Asia region. The group plans to make Singapore a key financial center within the region. As such, we expect AIS to continue to benefit from the group's global expertise and overall regional focus. AIS' capitalization is likely to remain healthy and supportive of its business growth plans. We expect the newly formed insurer's prospective capital strength to be underpinned by periodic funding from the group and conservative investments. Our view on AIS' strong capital adequacy is based on timely capital injections from the group in alignment with its interim growth targets, gradual reduction in bottom-line losses, and...

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