FRANKFURT (Standard&Poor's) May 13, 2009--Standard&Poor's Ratings Services said today its ratings and outlook on Germany-based insurer Allianz SE (AZSE; AA/Stable/A-1+) and various core operating entities are unaffected by the group's marginal net income reported for first-quarter 2009. This reflects our view of AZSE's continued capital resilience and our expectation of improving quarterly results in 2009. We expect AZSE's risk-based capital adequacy to have remained comfortably in the 'A' category. Moreover, we believe a comparably strong group solvency ratio of 159% at the end of March 2009 supports our view of AZSE's relative capital strength. AZSE's first-quarter earnings were slightly below our expectations, in our opinion. A reported net combined ratio of 98.5% in the non-life segment
