FRANKFURT (Standard&Poor's) Feb. 26, 2009--Standard&Poor's Ratings Services said today its ratings and outlook on Germany-based insurer Allianz SE (AZSE; AA/Stable/A-1+) and various core operating entities are unaffected by the group's announcement of a €2.4 billion net loss for 2008. We remain of the opinion that AZSE has weathered the financial market turbulence relatively well, based on the group's comparative capital resilience and continued strong underlying earnings capacity. The loss reportedly stemmed from a €6.4 billion net loss relating to AZSE's discontinued banking operations. Its sale of Dresdner Bank AG (A/Stable/A-1), nevertheless, had a positive impact on capitalization. We estimate that the group's risk-based capital adequacy was in the low 'AA' to high 'A' category, based on
