Fitch affirms Allianz

Fitch Ratings said it affirmed Allianz SE's insurer financial strength and issuer default ratings at A+.

The outlook remains stable.

This action follows an announcement of Allianz's intended €10.5 billion buyout of minority shareholders in a tender offer for AGF Group and Allianz Lebensversicherung AG.

The agency also affirmed all main European subsidiaries that are strategically important to Allianz. The insurer financial strength ratings were affirmed at AA- with stable outlook for Allianz Lebensversicherungs-AG, Allianz Versicherungs-AG, Allianz Private Krankenversicherungs-AG, Allianz-Elementar Versicherung AG, Allianz Cornhill Insurance plc, AGF-Assurances Generales de France SA Vie, AGF-Assurances Generales de France IART and Lloyd Adriatico spa. Following the merger, the AA- insurer financial strength rating of Riunione Adriatica di Sicurta spa is withdrawn.

Following the strong performance of Allianz in 2006, Fitch said it views the transaction as neutral to the overall financial situation of the group. Fitch said the buyout will reduce complexity and is likely to help to manage cash and capital in a more efficient way. The agency said it sees no execution or integration risks with the transaction, but expects slightly negative impact on overall capitalization and financial flexibility.

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