AM Best has affirmed the financial strength rating of Allianz AG and its core subsidiaries as A+ (superior). The outlook remains negative.
The ratings reflect the expected improvement in Allianz's consolidated risk-adjusted capitalisation and gradual improvement in earnings, said AM Best, as well as recognising the Allianz group as one of the largest global insurers.
It said the negative outlook reflected its concerns over the challenges Allianz is still facing with Dresdner Bank. AM Best added that further improvements in life business were highly dependent upon the continuous recovery in equity markets.
