Research Update: Allianz SE Affirmed At 'AA' On Acquisition Of Aviva Poland; Outlook Stable

On March 26, 2021, Allianz announced its intention to acquire Aviva Poland for roughly €2.5 billion. We believe the transaction fits with Allianz' overall business strategy and does not materially hamper our view of the group's capitalization. We therefore affirmed 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 April 1, 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

...Financial strength rating ## Anchor * ## Business risk Very strong IICRA Intermediate Competitive position Excellent Financial risk Very strong Capital and earnings Very strong Risk exposure Moderately low Funding structure Neutral Modifiers Governance Neutral Liquidity Exceptional Comparable ratings analysis 0 Support 0 Group support 0 Government support 0...

Research Update