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BULLETIN: Allianz AG Performance Improved in 2003, but Not Yet Satisfactory; No Rating Impact Mar 04
Standard & Poors, March 2004
Abstract
FRANKFURT (Standard & Poor's) March 18, 2004--Standard & Poor's Ratings Services said today that its ratings and outlook on Germany-based Allianz AG (AZAG; AA-/Negative/A-1+) and related entities are unaffected by the group's full-year 2003 net earnings and strategic developments, which are broadly in line with expectations. Although key ratios indicate a substantial improvement in underlying operating performance, reflected particularly in the group's non-life combined ratio of 97.0% (105.7% in 2002), the results of improved but still loss-making Dresdner Bank AG (A/Negative/A-1) continue to remain a major weakness. The group's operating profit improved by -4.5 billion to -4.0 billion, to which particularly non-life contributed, with -2.5 billion. In addition, capital gains of -2.8 billion from the sale of most of the...
Companies mentioned in this report are: Allianz SE,Dresdner Bank AG
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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