|
|
 |
|
Viewing report
|
|
|
|
Allianz SE Feb 07
Standard & Poors, Feb 2007
Abstract
Clear and consistently executed strategy Very strong operating performance Very strong competitive position Improved, but still relatively low, earnings diversification and contributions of banking activities Execution risk from reorganization The ratings on Germany-based Allianz SE (AZSE; formerly Allianz AG) and related entities are based on the Allianz group's (Allianz) strong execution track record combined with management's commitment to further restructuring efforts, very strong profitability, and very strong competitive position. The ratings also reflect Dresdner Bank AG's (A+/Stable/A-1) unsatisfactory level of earnings diversification and contribution, which is lagging those of the group's insurance operations, combined with its reliance on the structurally difficult German banking market and favorable capital-market environment. Management has successfully delivered on its turnaround strategy and continues to reshape...
Companies mentioned in this report are: Allianz SE,Dresdner Bank AG,Fireman's Fund Insurance Co.,Allianz IARD,Allianz France,Allianz Life Insurance Co. of North America,Allianz Life Insurance Co. of New York,Allianz Global Risks U.S. Insurance Co.,Allianz Underwriters Insurance Co.,Allianz Versicherungs AG,Allianz Global Corporate & Specialty (France),Allianz Global Corporate & Specialty AG,Lloyd Adriatico SpA,Allianz SpA,Allianz Elementar Versicherungs - AG,Allianz Lebensversicherungs Aktiengesellschaft,Allianz Private Krankenversicherungs - AG,Allianz Elementar Lebensversicherungs AG
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
|
|
|
|
