AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of 'aa' of Allianz SE (Allianz) (Germany) and its rated subsidiaries (see below for the list of the companies).
The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Allianz's balance sheet strength, which AM Best categorises as strongest, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management.
Allianz is one of the world's largest insurance groups, with superior diversification by geography and business line, and leading positions in many developed and emerging markets, offering a complete range of life and non-life insurance products, as well as asset management services. Its competitive position is supported by its scale, strong management capabilities, dynamic strategy and strong brand.
AM Best expects Allianz's consolidated risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), to be maintained at the strongest level, underpinned by a prudent capital management approach. Financial leverage and coverage ratios are supportive of the balance sheet strength assessment and financial flexibility is considered excellent due to the group's good access to capital markets.
Allianz has a track record of strong and stable operating performance, supported by its diversified earnings profile. The group has produced a five-year weighted average return on equity of 10.9% (2015-2019), as calculated by AM Best. The group's property/casualty segment has demonstrated consistently strong performance, reporting a five-year average combined ratio of 94.7%, supported by strong group-wide pricing capabilities. The operating profit in Allianz's life/health segment has demonstrated a five-year compound annual growth of 7%, reaching EUR 4.8 billion in 2019 despite a challenging low interest rate environment. The group's profitable and scalable asset management business continues to provide a good additional source of income (23% of the group's operating profit in 2019).
The FSR of A+ (Superior) and the Long-Term ICR of 'aa' have been affirmed with stable outlooks for the following subsidiaries of Allianz SE:
Allianz Global Corporate & Specialty Resseguros Brasil S.A.
Allianz Global Corporate & Specialty SE
Allianz S.p.A
Allianz Risk Transfer AG
Allianz Risk Transfer (Bermuda) Limited
AWP P&C S.A.
Jefferson Insurance Company
AWP Health & Life S.A.
Allianz Global Risks US Insurance Company
Allianz Underwriters Insurance Company
AGCS Marine Insurance Company
American Automobile Insurance Company
Euler Hermes North America Insurance Company
National Surety Corporation
The American Insurance Company
Associated Indemnity Corporation
Chicago Insurance Company
Fireman's Fund Insurance Company
Fireman's Fund Indemnity Corporation
Interstate Fire & Casualty Company
Allianz Life Insurance Company of North America
Allianz Life Insurance Company of New York
Allianz Mexico, S.A., Compania de Seguros (NSR of 'aaa' has been affirmed with a stable outlook)
The following Long-Term IRs have been affirmed with stable outlooks:
Allianz Finance II B.V. (debt issues are guaranteed by Allianz SE)-
'aa-' on EUR 2 billion 5.75% subordinated bonds, due 2041
'a+' on EUR 800 million 5.375% perpetual subordinated bonds
'aa' on EUR 750 million 3% senior unsecured bonds, due 2028
'aa' on GBP 750 million 4.5% senior unsecured bonds, due 2043
'aa' on EUR 1.5 billion 3.5% senior unsecured bonds, due 2022
Allianz SE-
'a+' on EUR 1.5 billion 4.75% perpetual subordinated bonds
'a+' on USD 1 billion 5.5% perpetual subordinated bonds
'aa-' on EUR 1.5 billion 5.625% subordinated bonds, due 2042
'a+' on EUR 1.5 billion 3.375% perpetual junior subordinated bonds
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper media use of Best's Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.
ALLIANZ SE 
