Please note that the ratings covered by this full analysis apply only to core entities of the group, which are listed below in the "Ratings Detail" section. These ratings do not apply to any noncore or nonrated entities of the group. Ratings assigned to noncore entities of the group are published individually. Very strong competitive position. Very strong operating performance. Very strong financial flexibility. Financial profile exposed to challenging economic conditions and low interest rates. Relative weakness of risk-adjusted capital adequacy, although we view it as strong. The ratings on Germany-based Allianz SE (AZSE) and related core entities are based on Standard&Poor's Ratings Services' view of the Allianz group's very strong competitive position, operating performance, and financial flexibility.
