Moody's on Oct. 10 affirmed the insurance financial strength ratings of Allianz Group units Allianz Versicherungs AG and Allianz Lebensversicherungs-AG at Aa2 and revised the outlook to stable from negative.
The outlook revision reflects the resilience of Allianz's German life business on the back of the low interest rate environment, having demonstrated relatively stable operating profitability, strong capitalization and improved business margin, and its success in changing its new business mix.
The agency also upgraded the insurance financial strength ratings of Allianz Life Insurance Co. of North America to A1 from A2, with a stable outlook, reflecting the improvement in its stand-alone credit profile, which was raised to A2, and strong support from the group. The stand-alone credit profile reflects the unit's positive trajectory given the improvements in its business and financial factors.
Moody's also affirmed Allianz SE's insurance financial strength rating at Aa3, with a stable outlook, while that of Italian unit Allianz SpA was affirmed at A3, with the negative outlook maintained in line with the Italian sovereign debt.