We expect Allianz Insurance Singapore Pte. Ltd.'s (AIS) growing business scale and enhanced operating efficiency to improve its underwriting profitability and competitive position over the next two years. We have therefore revised its business risk profile to satisfactory from fair. At the same time, we revised AIS’s liquidity assessment to exceptional from adequate, reflecting the insurer's ample liquid assets relative to its liquidity needs. We affirmed our'A+'long-term issuer credit and financial strength ratings on AIS. The stable rating outlook reflects our view that AIS will maintain its stand-alone credit profile and remain a strategically important subsidiary of Allianz SE over the next 12-24 months. On Oct. 29, 2026, S&P Global Ratings affirmed its'A+'long-term issuer credit and
