S&P affirms Allianz

Standard & Poor's said it affirmed its A+ long-term counterparty credit and insurer financial strength ratings on Allianz Nederland Schadeverzekering NV, Allianz Nederland Levensverzekering NV and London Verzekeringen NV. The outlook is negative.

Allianz Nederland is a wholly owned subgroup of AGF - Assurances Générales de France (A/negative/A-1), which is in turn a majority owned subsidiary of German insurer Allianz AG (AA-/negative/A-1+).

S&P said the ratings reflect the group's strategic importance to its ultimate parent, its strong competitive position in the non-life sector and its consistently superior operating performance.

Despite improvements in the capital base, S&P said capitalization remains a constraining factor for the ratings, however, as does the competitive profile of the life business.

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