Summary: Allianz Insurance JSC Oct 11

Standard & Poors, October 2011

Abstract
The ratings on Allianz Insurance JSC (Allianz Russia) reflect Standard & Poor's Ratings Services' view of Allianz Russia's strategic importance to its parent, Germany-based Allianz SE (AA/Stable/A-1+);, as well as Allianz Russia's good investment-portfolio quality and sound operating results. In our view, these strengths are partly offset by high industry risks associated with operating in the Russian Federation (foreign currency BBB/Stable/A-3; local currency BBB+/Stable/A-2; Russia national scale 'ruAAA'), and Allianz Russia's limited competitive position in Russia's insurance market. The long-term counterparty credit and insurer financial strength ratings on Allianz Russia incorporate a three-notch uplift from our assessment of its stand-alone credit profile. This reflects our view of Allianz Russia's continuing importance for Allianz SE's growth strategies in Russia, as well...

Companies mentioned in this report are: Allianz Insurance JSC
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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Allianz Insurance JSC

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