Research Update: Allianz SE And Its Core Subsidiaries Affirmed At 'AA'; Outlook Stable

We anticipate that Allianz Group (Allianz) will maintain very strong capitalization, according to our risk-based capital model, supported by resilient, diversified income streams, complemented by its asset-management business, including Pacific Investment Management Co. LLC (PIMCO). We are affirming our 'AA' long-term ratings on the group's core subsidiaries, and its holding company Allianz SE (AZSE). We are raising our ratings on two of the group's subsidiaries, Ireland-based Allianz PLC (AZI) and South Africa-based Allianz Global Corporate&Specialty South Africa South Africa Ltd. (AGCS SA), by one notch to 'AA-' and 'BBB-', respectively, under our revised criteria, because we expect that the group would support these entities if their sovereign came under stress. The outlook is stable, because we anticipate that

...- We anticipate that Allianz Group (Allianz) will maintain very strong capitalization, according to our risk-based capital model, supported by resilient, diversified income streams, complemented by its asset-management business, including Pacific Investment Management Co. LLC (PIMCO). - We are affirming our '##' long-term ratings on the group's core subsidiaries, and its holding company Allianz SE (AZSE). - We are raising our ratings on two of the group's subsidiaries, Ireland-based Allianz PLC (AZI) and South Africa-based Allianz Global Corporate & Specialty South Africa South Africa Ltd. (AGCS SA), by one notch to '##-' and '###-', respectively, under our revised criteria, because we expect that the group would support these entities if their sovereign came under stress. - The outlook is stable, because we anticipate that Allianz will maintain its position as one of the leading global insurance groups and maintain a very strong capitalization....

Research Update