The ratings on Italian insurer RAS - Riunione Adriatica di Sicurtà SpA (RAS), reflect the company's core strategic and operational role for the Munich-based Allianz Group (Allianz AG: AA-/Negative/A-1+). Further rating factors are RAS' very strong business position and very strong operating performance. Its capitalization level has, however, declined from very strong historical levels as a consequence of the €800 million share buy-back that was completed in February 2003. RAS also benefits from a very strong and competent management. Very strong business position. With 2002 premiums of €15 billion (55% in life) and 4.5 million clients, RAS is the second-largest Italian insurer, after Assicurazioni Generali SpA (AA/Negative/--). RAS has become a successful full-fledged financial service provider and its business position
