Allianz SE's (AZSE's) extremely strong competitive position is based on excellent geographic and product diversifications. The group has strong market positions in some significant insurance markets, accompanied by presence in numerous emerging markets. AZSE's business risk profile is enhanced by Pacific Investment Management Co. LLC's (PIMCO's) contribution to operating profit, diversifying the group's operating earnings streams. Capital adequacy prospectively to remain in excess of the 'AA' level. Strong and diverse cash flows, proven capital market access. Balanced investment portfolio, with a fixed-income portfolio displaying on average strong to very strong credit quality. Material investment exposure to Italy, mainly driven by local insurance operations. Strong track record of diligent strategic planning, strong execution, and sophisticated financial management. Very strong economic capital
