Standard & Poor raises Allianz financial strength ratings
- Published: 23/07/2007
Standard & Poor (S&P) Ratings Services has increased its long-term counterparty credit and insurer financial strength ratings on Allianz.
Allianz is now rated at AA in terms of financial strength, up from AA-. The ratings on its various and strategically important insurance subsidiaries have also risen to AA-, up from A+ before.
"The upgrade reflects major and sustained improvements in Allianz's operating performance and a positive view of management combined with the expectation that Allianz will continue to efficiently execute its strategy," S&P credit analyst Karin Clemens commented.
"The ratings are further supported by Allianz's very strong competitive position and financial flexibility," she continued.
Ms Clemens said that the "stable outlook" reflected the expectation that operating performance would remain "very strong based on the successful execution of strategy".
"This, in our view, should translate into an average combined ratio of at least 97 per cent for 2007 to 2009, a life and health new business margin in excess of three per cent, and into continued growth in operating profits for the group's banking and asset-management activities," she concluded.
Allianz is now rated at AA in terms of financial strength, up from AA-. The ratings on its various and strategically important insurance subsidiaries have also risen to AA-, up from A+ before.
"The upgrade reflects major and sustained improvements in Allianz's operating performance and a positive view of management combined with the expectation that Allianz will continue to efficiently execute its strategy," S&P credit analyst Karin Clemens commented.
"The ratings are further supported by Allianz's very strong competitive position and financial flexibility," she continued.
Ms Clemens said that the "stable outlook" reflected the expectation that operating performance would remain "very strong based on the successful execution of strategy".
"This, in our view, should translate into an average combined ratio of at least 97 per cent for 2007 to 2009, a life and health new business margin in excess of three per cent, and into continued growth in operating profits for the group's banking and asset-management activities," she concluded.