ALLIANZ SE

Ethifinance Ratings assigns for the first time a AA- rating with a Stable outlook to Allianz Group. The Allianz Group is a global provider of financial services operating in the insurance and asset management industries. In the insurance industry, it is the leader in the German market and has a strong international presence. Additionally, it is one of the world's largest asset managers, with € 1.7 trillion of third-party assets under management. The rating is based on Allianz's dominant position in the global insurance and asset management industries, high diversification by segment, line of business and geography, a strong brand, and diversity and control of distribution channels. This is further supported by solid and stable operational performance, strong capitalization, moderate financial leverage, and sound liquidity management. Nevertheless, the rating is constrained by an elevated exposure to assets with high impairment risk due to market downturns compared to peers, a historical reliance on investment results in the L/H segment, and macroeconomic risks related to claims inflation and weaker economic development.