FRANKFURT (Standard&Poor's) Oct. 1, 2014--Standard&Poor's Ratings Services said today that its ratings on Germany-based insurance group Allianz SE (AZSE; AA/Stable/A-1+) are unaffected by a recent management change at AZSE's asset management unit PIMCO. In our view, the appointment of a new group chief investment officer from PIMCO's management team demonstrates the effectiveness of PIMCO's succession plans. PIMCO's favorable risk-return profile enhances AZSE's business risk profile, and we continue to regard its profit contribution as a significant earnings diversifier for the AZSE group. Our base-case assumption that AZSE's asset management units, including PIMCO, will contribute operating profit of about €2.5 billion annually is unchanged. In the first half of 2014, this segment accounted for €1.3 billion of
