Standard & Poor's (S&P), the worldwide insurance rating agency, announced an upgrade to the Financial Strength Rating Outlook for Allianz SE (including AGCS AG, AGCS France, AGCS NA and ART AG) from 'Negative' to 'Stable.'
S&P has made the upgrade based on a number of factors, including Allianz’s strong capitalization, economic capital model and strong operating performance despite ongoing challenging market conditions.
In its report, S&P notes the strong position of Allianz SE and its subsidiaries: “The ratings are supported by the group’s very strong competitive position, reflecting very strong segmental and geographic diversity in revenues and profits, and the very favorable risk-return profile of its asset management operations.”
The rating outlooks on other AGCS entities (Allianz Fire and Marine Insurance Japan and AGCS Brazil) remain unchanged.
A summary briefing with further details can be viewed here.
S&P website subscribers can access the S&P press release and full report by logging in here.