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. AIS is likely to remain well capitalized and gradually improve its competitive position in Singapore's property/casualty (P/C) insurance market. The insurer's moderate business position reflects its short operating record and the associated initial business and profitability risks. We assigned our 'A+' local currency long-term insurer financial strength and issuer credit rating to AIS. The stable outlook on AIS 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.
