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AGF - Assurances Generales de France Sep 05
Standard & Poors, Sep 2005
Abstract
Strong cash flows and profitability from AGF's two main operating entities, AGF Vie and AGF IART; Control of Allianz group's world-leading, global credit insurance and travel insurance operations; Implicit support from Allianz AG, the ultimate parent, and; A capital structure that is conservative compared with holding-company peers. Improving, but still low earnings contributions from Allianz AG's banking activities. The counterparty credit ratings on French insurance holding company AGF - Assurances G-n-rales de France (AGF) reflects the core positioning of its main operating entities within the German insurance group Allianz (whose ultimate parent is Allianz AG; AA-/Stable/A-1+). Also factored into the ratings are AGF's very conservative financial leverage and Allianz group's very strong competitive position, earnings performance, and strong capitalization. Weaknesses...
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
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