On Oct. 14, 2004, Standard&Poor's Ratings Services affirmed its 'AA-' long-term insurer financial strength and counterparty credit ratings on Germany-based Allianz AG (AZAG) and various core operating entities. In addition, Standard&Poor's affirmed its 'A-1+' short-term ratings on AZAG. The outlook is negative. The affirmation follows Standard&Poor's regular review of AZAG and related entities. The ratings on AZAG, the holding company of the Allianz group reflect the strong progress Allianz has made in its restructuring process and in improving profitability. The group's very strong competitive position further supports the rating. These strengths are partly offset by Allianz' profitability in life insurance, which is still not representative of its market position, and because more efficient integration
