Allianz SE (AZSE) is one of the largest global multiline insurers (GMIs), operating across many geographies and has a considerable share in some significant markets. The company offers an ample range of solutions in property/casualty (P/C), life, health/assistance, and credit insurance, as well as in alternative risk transfer and asset management. AZSE has a well-diversified, balanced investment portfolio, with an increasing exposure to real and alternative assets, displaying on average strong to very strong credit quality. Low interest rates, in particular in Europe, remain a drag on margins in particular on the backbook of its traditional life business. AZSE is among the market leaders in Italy, and has an investment exposure of about €19 billion in Italian government bonds. S&P
