Allianz Insurance Singapore Pte. Ltd.

This report does not constitute a rating action. Overview Key strengths Key risks Likely to receive support from Allianz SE. Modest competitive position in Singapore's property/casualty (P/C) market. Healthy capitalization commensurate with business growth strategy and risk profile. Limited economies of scale due to short operating track record. Adequate liquidity profile with no immediate refinancing needs. AIS should 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 broader Southeast Asia. The group aims to establish Singapore as a key financial center in the region and become a leading insurer in the local market. As such, we expect AIS to

...We believe Allianz Insurance Singapore Pte. Ltd. (AIS) will benefit from extraordinary support from its parent in most foreseeable circumstances. AIS should 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 broader Southeast Asia. The group aims to establish Singapore as a key financial center in the region and become a leading insurer in the local market. As such, we expect AIS to continue to benefit from the group's global expertise and regional focus. In our view, the group will provide timely support, in case of any capital funding needs to AIS....

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