Very strong operating performance Positive view of management Very strong competitive position Very strong flexibility Capitalization is lower than that commensurate with the current rating Strategic challenge to achieve meaningful profitable growth Relatively lower creditworthiness of Dresdner Bank The ratings on Germany-based Allianz SE (AZSE) and related entities are based on the Allianz group's (Allianz) very strong operating performance and a positive view of management combined with the expectation that Allianz will continue to efficiently execute its strategy. Further supporting factors are a very strong competitive position and very strong financial flexibility. Partly offsetting these strengths is Allianz's capitalization, which is below the current rating level and the relatively weaker creditworthiness of Dresdner Bank AG (Dresdner: A+/Positive/A-1). Operating performance has
