...May 12, 2023 FRANKFURT (S&P Global Ratings) May 12, 2023--S&P Global Ratings said today that Allianz SE's strong first-quarter 2023 results underscore its operating strengths. Today, Allianz (##/Stable/A-1+) announced that its robust non-life combined (loss and expense) ratio of 91.9% and an improvement in the U.S. life portfolio boosted the group operating profit by 24.2% to 3.7 billion. With group net earnings of 2.16 billion in first-quarter 2023, Allianz is on track to remain in line with our expectation of around 8 billion net income and a robust return on equity of 13%-18% in 2023. These strong results align with our view of the group's creditworthiness. Allianz shows disciplined underwriting with continued price adjustments and solid cost controls, which continue to safeguard its robust underwriting performance against inflation risk. The group is also tapping some areas of profitable growth in its commercial and specialty business where it is intensifying its customer focus, while...
