Please note that the ratings covered by this full analysis apply only to core entities of the group, which are listed below in the section "Ratings Detail". 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. Global, diverse franchise with leading positions in major markets. Very strong capitalization compared with global multiline peers', and very strong financial flexibility. Diverse and very strong earnings capacity. Exposure to and earnings pressure from challenging investment conditions. Relatively weak underwriting performance in the U.S. and, to a lesser extent Germany, which still weighs on the group's segmental earnings. The ratings on Germany-based Allianz SE (AZSE) and related core
