The ratings on Germany-based Allianz SE (AZSE; formerly Allianz AG) and related entities (see table 5) are based on the Allianz group's (Allianz) strong execution track record combined with management's commitment to further restructuring efforts, very strong profitability, very strong competitive position, and strong and improving capitalization. The ratings also reflect Dresdner Bank AG's (A+/Stable/A-1) unsatisfactory level of earnings diversification and contribution, which is lagging those of the group's insurance operations, combined with its reliance on the structurally difficult German banking market and favorable capital market environment. Management has successfully delivered on its turnaround strategy and continues to reshape the group to position it for continued earnings momentum even under less favorable market conditions. Standard&Poor's Ratings Services regards
