We continue to believe that Allianz's capitalization will improve to very strong by 2021 and that the group will benefit from its strong earnings capacity, shielding it from potential adverse events. We revised up our view of the strategic importance captive insurer Allianz Re Dublin DAC has within the group to core. We therefore affirmed our 'AA' ratings on Allianz's core subsidiaries and on its operating holding company, Allianz SE. We raised the rating on Allianz Re Dublin DAC to 'AA' from 'AA-'. The outlook on Allianz SE is stable because we expect the group's capitalization will recover to very strong by end-2021. On Oct. 12, 2021, S&P Global Ratings affirmed its 'AA' long-term issuer credit and insurer financial strength
