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Allianz SE, one of the largest global insurers, was upgraded by Moody’s by one notch to Aa2 from Aa3. Allianz’s debt including its Restricted Tier 1 bonds were also upgraded by one notch to A1. The upgrade reflects Moody’s expectation that Allianz will continue to report strong operating profits in the next 18 months as a result of higher interest rates. Moody’s believes Allianz’s earnings generation is supported by its superior franchise strength, a wide geographic and business diversification and its ownership of a large asset manager. The company is exposed to limited surrender risk in the life segment and has excellent and diversified access to capital markets. As at 30 June 2023, Allianz reported a Solvency II ratio of 208%. Moody’s expects that Allianz will continue to maintain regulatory Solvency II ratios at levels in excess of 200% (for both Allianz SE on a standalone and on a group consolidated basis).
Allianz’s bonds were slightly negative with its 3.2% Perp trading at 72.8 cents to the dollar, yielding 7.05%.