Moody's has revised its rating outlook for Allianz Group to negative from stable.
The ratings downgrade was in response to the insurance group's weakened earnings position, which Moody's said may continue.
Moody's also highlighted its recent quarterly loss, a net 2.5bn euros (£1.5bn). Allianz blamed the weak capital markets, and losses from European floods.
Moody's said: "The move to a negative outlook from stable ... reflects not only the Group's weakened earnings and capital position, but also Moody's belief that the investment market volatility and sustained economic difficulties may continue in the short- to medium-term and have an impact on Allianz's overall earning situation."
