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AM Best Company Best's Credit Rating Effective Date Allianz SE September 10, 2020 AMB #: 085014 | AIIN#: AA-1340026 Associated Ultimate Parent: AMB # 085449 - Allianz SE Analytical Contacts Michael Dunckley Associate Director-Analytics Best's Credit Ratings - for the Rating Unit Members [email protected] Financial Strength Rating Issuer Credit Rating +31 20 308 5422 (FSR) (ICR) Mathilde Jakobsen Director-Analytics [email protected] A+ aa +31 20 308 5420 Superior Superior Outlook: Stable Outlook: Stable Information Action: Affirmed Action: Affirmed Best's Credit Rating Methodology Understanding Best's Credit Ratings Assessment Descriptors Market Segment Outlooks Financial Data Presented Balance Sheet Strength Strongest The financial data in this report reflects the most current data available to the Analytical Operating Performance Strong Team at the time of the rating. Updates to Business Profile Very Favorable the financial exhibits in this report are available here: Best's Financial Report. Enterprise Risk Management Very Strong Rating Unit - Members Rating Unit: Allianz SE | AMB #: 085014 AMB # Rating Unit Members AMB # Rating Unit Members 002268 AGCS Marine Insurance Company 085449 Allianz SE 093686 AWP Health & Life S.A. 002618 Allianz Underwriters Ins Co 078025 AWP P&C S.A. 002176 American Automobile Ins Co 093335 Allianz Global Corp & Spec BR 002177 American Insurance Company 087997 Allianz Global Corp & Spec SE 002178 Associated Indemnity Corp 000407 Allianz Global Risks US Ins Co 002266 Chicago Insurance Company 006830 Allianz Life Ins Co of NA 002097 Euler Hermes NA Insurance Co. 009417 Allianz Life Ins of New York 001892 Fireman's Fund Indemnity Corp 086517 Allianz México SA Cia de Seg 002179 Fireman's Fund Insurance Co 073713 Allianz Risk Transfer (BM) Ltd 002267 Interstate Fire & Casualty Co 077703 Allianz Risk Transfer AG 004001 Jefferson Insurance Company 085309 Allianz S.p.A. 002182 National Surety Corporation www.ambest.com Page 1 Printed for Konstantin Langowski on March 19, 2021 AMB #: 085014 - Allianz SE Rating Rationale Balance Sheet Strength: Strongest • The consolidated level of risk-adjusted capitalisation of Allianz SE (Allianz) is expected to remain at the strongest level as measured by Best’s Capital Adequacy Ratio (BCAR) despite market volatility experienced during 2020. • Allianz has a sophisticated and conservative capital management approach. Despite a significant decline in the group's Solvency II SCR ratio to 187% as at 30 June 2020, it remains in line with the group's target. • Strong liquidity and sound asset-liability management, enhanced by the capabilities of the group’s asset management division. • Financial flexibility is considered excellent, due to a track record of strong capital generation, moderate financial leverage, good coverage ratios and a good standing in capital markets. • Prudent reserving practices and a sophisticated reinsurance programme for tail-risk reduction. Operating Performance: Strong • Track record of strong and stable operating performance, demonstrated by a five-year (2015-2019) weighted average return on equity of 10.9% (as calculated by AM Best). • Diversified earnings profile by line of business and geography. Results are enhanced by asset management and investment income. Despite macroeconomic disruption during 2020, the group continues to report solid profits. • The property/casualty segment achieved a combined ratio of 95.5% in 2019, compared to 94% in 2018. The deterioration was largely driven by significant reserve strengthening by Allianz Global Corporate and Specialty (AGCS). • The life/health segment produced a robust EUR 4.7 billion operating profit in 2019 driven by volume growth and a stable investment margin. • Allianz grew its level of assets under management (AUM) by 15% to EUR 2.3 trillion at year-end 2019. With revenues largely AUM-driven, operating profit for asset management improved by 7% to EUR 2.7 billion. Business Profile: Very Favorable • Allianz is one of the largest insurance groups in the world, and it has excellent diversification by product and geography, with a mix of property/casualty, life/health and asset management businesses. • Through its subsidiaries, Allianz group has a leading position in European personal lines and leading global positions in credit insurance, assistance, corporate insurance and asset management. • Despite a competitive environment, the group maintains leading positions in its core markets, aided by its vast scale, strong brand, technical excellence and diversified distribution. The group has achieved 2.5% average growth in non-life premiums over the past five years (2015-2019). • Allianz is expected to remain one of the leading groups in the global insurance market, supported by its forward-looking business strategy and its drive to enhance the insurance value chain through digitalisation. Enterprise Risk Management: Very Strong • Sophisticated enterprise risk management (ERM) framework embedded throughout the organisation, resulting in a risk-aware culture at all levels. • Risk strategy and appetite form an integral part of business strategy formulation and planning, supported by forward-looking risk identification and stress testing. • Allianz is considered to have a relatively high risk profile, which is matched by its excellent risk management tools and capabilities. Outlook • The stable outlooks are underpinned by the expectation that risk-adjusted capitalisation will remain at the strongest level as measured by BCAR, supported by conservative capital management and excellent financial flexibility. The insurer is expected to remain one of the leaders in the global insurance market and to continue demonstrating strong operating performance, supported by superior diversification by line of business and geography. www.ambest.com Page 2 Printed for Konstantin Langowski on March 19, 2021 AMB #: 085014 - Allianz SE Rating Drivers • A sustained improvement of operating performance could result in positive rating pressure. • Negative rating pressure could follow a weakening in risk-adjusted capitalisation below the level required for the strongest BCAR assessment. • A sustained deterioration of operating performance could result in negative rating actions. Key Financial Indicators AM Best may recategorize company-reported data to reflect broader international reporting standards and increase global comparability. Best's Capital Adequacy Ratio (BCAR) Scores (%) Confidence Level 95.0 99.0 99.5 99.6 BCAR Score 59.2 46.6 41.4 40.3 Source: Best's Capital Adequacy Ratio Model - Universal 2019 2018 2017 2016 2015 Key Financial Indicators EUR (000) EUR (000) EUR (000) EUR (000) EUR (000) Net Premiums Written: Life 25,218,000 23,730,000 24,613,000 24,291,000 24,524,000 Non-Life 52,154,000 48,953,000 47,821,000 47,138,000 46,664,000 Composite 77,372,000 72,683,000 72,433,000 71,430,000 71,188,000 Net Income 8,302,000 7,703,000 7,207,000 7,329,000 6,987,000 Total Assets 1,011,185,000 897,567,000 901,300,000 883,809,000 848,942,000 Total Capital and Surplus 77,364,000 63,680,000 68,602,000 70,135,000 66,099,000 Source: BestLink ® - Best's Financial Suite Weighted 2019 2018 2017 2016 2015 5-Year Key Financial Indicators & Ratios EUR (000) EUR (000) EUR (000) EUR (000) EUR (000) Average Profitability: Balance on Life Technical Account 4,755,000 4,219,000 4,611,000 4,191,000 3,986,000 ... Balance on Non-Life Technical Account 1,902,000 2,770,000 1,902,000 2,220,000 2,148,000 ... Net Income Return on Revenue (%) 8.1 8.2 7.4 7.5 7.2 7.7 Net Income Return on Capital and Surplus (%) 11.8 11.6 10.4 10.8 10.8 11.1 Non-Life Combined Ratio (%) 95.5 94.0 95.2 94.3 94.6 94.7 Net Investment Yield (%) 2.2 2.1 2.4 2.6 2.6 2.4 Leverage: Net Premiums Written to Capital and Surplus (%) 104.6 118.7 110.5 106.5 112.7 ... Source: BestLink ® - Best's Financial Suite Credit Analysis Balance Sheet Strength The balance sheet strength of Allianz is underpinned by risk-adjusted capitalisation at the strongest level, as measured by BCAR. The group's high exposure to market risk (interest rate, equity and credit spread risk amongst others) is addressed by conservative capital management and sound asset-liability management practices, enhanced by the capability of its asset managers. Financial flexibility is considered excellent, due to a track record of strong capital generation, moderate financial leverage, good coverage ratios and a good standing in the capital markets. Balance sheet strength is also supported by prudent reserving and a sophisticated reinsurance programme for tail risk reduction. An offsetting factor is some constraints on capital fungibility; a typical regulatory impediment for life insurers, which is mitigated by the group's strategy of maintaining excess liquidity at the holding company. www.ambest.com Page 3 Printed for Konstantin Langowski on March 19, 2021 AMB #: 085014 - Allianz SE Balance Sheet Strength (Continued...) Capitalisation The BCAR scores presented under the “Best’s Capital Adequacy Ratio Summary” section of this report are based on Allianz’s year-end 2019 consolidated audited financial statements. Allianz's risk-adjusted capitalisation (RAC) is expected to remain at the strongest level, as measured by BCAR, supported by strong earnings generation and retention. During 2019, the group’s reported capital and surplus grew significantly as a result of retained earnings and gains on investment, however in the required capital also increased in line with the expansion of Allianz’s balance sheet. AM Best expects overall stability in the group’s risk-adjusted capitalisation in 2020 despite market turbulence, supported by continued strong profitability and the suspension of the second tranche of the share buy-back programme. However, as a result of Allianz's considerable life operations in Europe and the United States, it manages a large balance sheet and is exposed to considerable market risk, which subjects RAC to potential volatility.
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