Summary: Allianz SE

S&P Global Ratings' issuer credit and financial strength ratings on AZSE reflect our view of its proven market-leading position, well-diversified earnings, and very solid capital adequacy. We believe these strengths set it apart from the market and result in AZSE comparing favorable even against its GMI peer group. Strong management and governance and very strong enterprise risk management practices support our assessment. AZSE is a well-known GMI with leading positions in countries such as Germany, Italy, and France. The group generated total revenues of over €125 billion and operating profit of about €11 billion in 2017. It also offers global lines such as industrial lines insurance via Allianz Global Corporate&Specialty (AGCS, which we regard as a core subsidiary

...S&P Global Ratings' issuer credit and financial strength ratings on AZSE reflect our view of its proven market-leading position, well-diversified earnings, and very solid capital adequacy. We believe these strengths set it apart from the market and result in AZSE comparing favorable even against its GMI peer group. Strong management and governance and very strong enterprise risk management practices support our assessment. AZSE is a well-known GMI with leading positions in countries such as Germany, Italy, and France. The group generated total revenues of over 125 billion and operating profit of about 11 billion in 2017. It also offers global lines such as industrial lines insurance via Allianz Global Corporate & Specialty (AGCS, which we regard as a core subsidiary of AZSE), and alternative risk-transfer solutions via ART (which we regard as highly strategic subsidiary of AGCS), trade-credit insurance via Euler Hermes (core to AZSE). In 2017, under International Financial Reporting Standards...

Summary