Please note that the ratings covered by this full analysis apply only to core entities of the group, which are listed below. These ratings do not apply to any noncore or unrated entities of the group. Ratings assigned to noncore entities of the group are published individually. A global franchise with leading positions in major markets. Comparably resilient capitalization and earnings capacity. Very strong financial flexibility. Pressures from weak economic and financial market conditions. Strategic challenge to successfully manage difficult competitive and economic environment in the U.S. life insurance market. The ratings on Germany-based Allianz SE (AZSE) and related core entities are based on the Allianz group's very strong competitive position, comparably resilient capitalization and earnings, and very strong financial
