A global franchise with leading positions in major markets Very strong earnings capacity in insurance and asset-management operations Very strong financial flexibility Continued high concentration in banking through its sizable stake in the combined Commerzbank/Dresdner group The ratings on Germany-based Allianz SE (AZSE) and related entities are based on the Allianz group's global franchise, with leading positions in major markets, very strong operating performance in its insurance and asset-management activities, and very strong financial flexibility. Following completion of the sale of its banking subsidiary, Dresdner Bank AG (Dresdner; A/Negative/A-1), to Germany-based Commerzbank AG (A/Negative/A-1) Allianz expects to hold a stake of close to 30% in the enlarged Commerzbank. This concentration continues to present a certain risk of earnings volatility and
