...December 7, 2021 FRANKFURT (S&P Global Ratings) Dec. 7, 2021--S&P Global Ratings said today that although Allianz has announced a more generous dividend payout policy, we do not foresee material changes to our view of the group's prospective capital adequacy. Allianz also announced a reinsurance deal for its U.S. fixed index annuity portfolio back book. This is unlikely to alter the group's strong commitment to its U.S. business, in our view. On Dec. 3, Allianz said that it intended to increase its dividend from fiscal year 2021. Dividends will be the higher of 50% of net earnings or 5% higher than the previous year's dividend. This implies that payouts will continue to rise by at least 5% each year, even in less profitable years. Nevertheless, we still expect the group's capital adequacy will improve sustainably to very strong by year-end 2021. We understand that Allianz remains committed to an unchanged target Solvency II ratio of at least 180% without any transitionals, even if it resets...
