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Allianz Insurance JSC Oct 11
Standard & Poors, Oct 2011
Abstract
Strategic importance to the parent, Allianz SE. Good quality of investments. Sound operating results. High industry risks. Limited competitive position in the Russian insurance market. 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...
Companies mentioned in this report are: Allianz Insurance JSC,AGCS Marine Insurance Co.
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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