Allianz SE (AZSE) is one of the largest global multiline insurers (GMIs), with strong positions in significant mature markets and numerous emerging markets, while benefitting from the increasing importance of global lines. For its customer base of retail, corporate, and small and midsized companies it offers an ample range of property/casualty (P/C), life, health/assistance, credit insurance, alternative risk transfer, and asset management solutions. AZSE's excellent geographic and product diversification results in an extremely strong competitive position. The business risk profile is enhanced by the asset management line's resilient contribution to operating profit, which has helped diversify the group's operating earnings for more than a decade. We believe capital management, despite announced share buybacks, implicitly supports our base-case assumption of a
