Clear and consistently executed strategy Very strong operating performance Very strong competitive position Improved, but still relatively low, earnings diversification and contributions of banking activities Execution risk from reorganization The ratings on Germany-based Allianz SE (AZSE; formerly Allianz AG) and related entities are based on the Allianz group's (Allianz) strong execution track record combined with management's commitment to further restructuring efforts, very strong profitability, and very strong competitive position. The ratings also reflect Dresdner Bank AG's (A+/Stable/A-1) unsatisfactory level of earnings diversification and contribution, which is lagging those of the group's insurance operations, combined with its reliance on the structurally difficult German banking market and favorable capital-market environment. Management has successfully delivered on its turnaround strategy and continues to reshape
