AM Best Affirms Credit Ratings of Allianz SE and Rated Subsidiaries

AMSTERDAM–(BUSINESS WIRE)–#insurance–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) 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 assesses as strongest, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management (ERM).

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 strong earnings generation and 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 ratio of 10.5% (2016-2020) (as calculated by AM Best). Its property/casualty segment has demonstrated consistently strong performance, reporting a five-year average combined ratio of 95.1%, supported by strong group-wide pricing capabilities. The group reported a combined ratio of 93.4% at half-year 2021 (year-end 2020: 96.3%). The improvement was largely driven by the absence of adverse effects from the Covid-19 pandemic and a higher reserve run-off ratio. The life/health segment’s operating profit has a five-year compound annual growth rate of 1.9%, reaching EUR 4.4 billion in 2020 despite a declining investment margin driven by the low interest rate environment. The group’s profitable and scalable asset management business continues to provide a good additional source of income (25% of the group’s operating profit in 2020).

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.

The very strong ERM assessment is underpinned by Allianz’s strong risk culture and sophisticated ERM framework that is embedded throughout the organisation. AM Best will continue to monitor developments with regard to the pending litigation in U.S. courts against Allianz Global Investors in relation to the Structured Alpha funds, as well as related investigations by regulators and the U.S. Department of Justice.

The FSR of A+ (Superior) and the Long-Term ICR of “aa” (Superior) 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


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 México, S.A., Compañía de Seguros

The following Long-Term IRs have been affirmed with stable outlooks:

Allianz Finance II B.V. (debt issues are guaranteed by Allianz SE)—

— “aa” (Superior) on EUR 750 million 3% senior unsecured bonds, due 2028

— “aa” (Superior) on GBP 750 million 4.5% senior unsecured bonds, due 2043

— “aa” (Superior) on EUR 1.5 billion 3.5% senior unsecured bonds, due 2022

Allianz SE—

— “a+” (Excellent) on EUR 1.5 billion 4.75% perpetual subordinated bonds

— “aa-” (Superior) on EUR 1.5 billion 5.625% subordinated bonds, due 2042

— “a+” (Excellent) 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 use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


Konstantin Langowski
Senior Financial Analyst
+31 20 308 5431

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

Dr. Mathilde Jakobsen
Director, Analytics
+31 20 308 5427

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644

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