We assess Allianz Insurance Singapore Pte. Ltd. (AIS) as a strategically important subsidiary of Allianz SE, the ultimate parent. This reflects the group's long-term commitment of support to AIS. We revised our liquidity assessment of the insurer to adequate from exceptional following an increase in its stressed liabilities in line with business growth and related liability risks as it progresses through its initial years of operation. We affirmed our 'A+' long-term issuer credit and financial strength ratings on AIS. The stable rating outlook reflects our rating outlook on Allianz SE and our view that AIS will maintain its stand-alone credit profile (SACP) and remain a strategically important subsidiary of the group over the next 12-24 months. On Oct. 25, 2024,
