This report does not constitute a rating action. What's new: Geopolitical tensions and supply-chain disruptions could dampen Singapore's growth. The Middle East turmoil and energy market volatility could increase prices, weighing on purchasing power and economic growth. However, strong electronics trade and industrial investment will support real GDP growth of 3.7% in 2026 and 2.3% in 2027, against 5.0% in 2025. Singapore?s local property/casualty insurance sector saw 9% premium growth in 2025 and maintained a strong 90% combined ratio despite rising claims in some key insurance segments. We expect Allianz Insurance Singapore Pte. Ltd.'s (AIS; A+/Stable/--) capitalization to remain healthy and support the insurer's growth strategy. This is underpinned by group capital injections aligned with growth targets and conservative investment
