Due to Allianz's tight capital management and market turbulence, the group's capitalization has dropped below the 'AA' range in our capital model. We expect that, by end-2022, Allianz's capital adequacy will have fully recovered, supported by the group's earnings or additional risk mitigation measures, if needed. We therefore affirmed our 'AA' ratings on the core subsidiaries of Allianz and on the holding company, Allianz SE. The outlook is stable. Additionally, we believe that Allianz subsidiary Allianz Global Corporate&Specialty SE (AGCS) has improved its underwriting performance in line with our expectations. As such, we revised to stable from negative our outlook on AGCS, its subsidiary Allianz Global Risk U.S. Insurance Co., and its intercompany pool members, and affirmed our
