Allianz's capitalization has dropped slightly below the 'AA' range in our capital model, but we anticipate the group's strong and diverse earnings will lead to a recovery of capital adequacy by year-end 2021. We are therefore affirming our 'AA' ratings on Allianz's core subsidiaries and operating holding company Allianz SE. The outlook on Allianz SE is stable because we expect the group's capitalization will recover to very strong by the end of 2021. On March 15, 2021, S&P Global Ratings affirmed its 'AA' long-term issuer credit and insurer financial strength ratings on the core operating entities of Germany-based Allianz group and its holding company Allianz SE. The outlook on Allianz SE is stable and those on the operating entities are
