Allianz SE

S&P Global Ratings expects Allianz will maintain its leading market positions in countries like Germany, France, and Italy, benefitting from a strong brand recognition and reputation. Allianz earnings diversification benefits further from global lines such as industrial lines insurance via Allianz Global Corporate&Specialty (AGCS, which we regard as a core subsidiary of Allianz), and trade-credit insurance via Euler Hermes (core to the group's holding company Allianz SE [AZSE]). The stable outlook is based on our expectation that over the next two to three years Allianz will continue to benefit from resilient, diversified income streams from its various business activities around the globe, and will safeguard its strong reputation. We also anticipate that the group's capitalization will remain comfortably

...S&P Global Ratings expects Allianz will maintain its leading market positions in countries like Germany, France, and Italy, benefitting from a strong brand recognition and reputation. Allianz earnings diversification benefits further from global lines such as industrial lines insurance via Allianz Global Corporate & Specialty (AGCS, which we regard as a core subsidiary of Allianz), and trade-credit insurance via Euler Hermes (core to the group's holding company Allianz SE [AZSE]). We expect group earnings will remain robust, benefitting from significant income streams from Allianz's asset management business. In addition to ample insurance operations, Allianz benefits from its strong asset management business including PIMCO, which has contributed roughly 20% to overall group's operating profit in recent years. We regard Allianz's diversification as a key rating strength, making the group's earnings more resilient than those of other global insurance groups that we rate '##-'. We anticipate...

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