FRANKFURT (Standard&Poor's) March 21, 2002--Standard&Poor's said today it revised its outlook on Munich-based insurance group Allianz AG (Allianz) and various related entities to negative from stable. This is due mainly to the overall weakened operating performance of the group. At the same time, Standard&Poor's affirmed all its ratings on the group, including its double-'A'-plus long-term counterparty credit and insurer financial strength ratings, and its 'A-1'-plus short-term ratings. (For a complete list of all the entities affected, see the summary on Allianz AG, published on March 21, 2002, on RatingsDirect, Standard&Poor's Web-based credit analysis system.) The outlook revision reflects Allianz's weakened risk profile and disappointing earnings performance following its acquisition of Dresdner Bank
