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Related Issuers
AGF Assurances
AGF Banque
AGF International
AGF MAT
Allianz Elementar Lebensversicherungs-AG
Allianz Elementar Versicherung-AG
Allianz Finance B.V.
Allianz Finance Corporation
Allianz Finance II B.V.
Allianz France SA
Allianz IARD
Allianz Insurance Company
Allianz Insurance plc
Allianz International Finance N.V.
Allianz Lebensversicherungs AG
Allianz Life Insurance Co of North America
Allianz of America Finance Corporation
Allianz of America, Inc.
Allianz Risk Transfer
Allianz S.p.A.
Allianz SE
Allianz Suisse Lebensversicherungs-Gesellsch
Allianz Suisse Versicherungs-Gesellschaft
Allianz Vie
American Automobile Insurance Co.
American Insurance Co.
Associated Indemnity Corp.
AXIS Insurance Company
Banco Ve por Mas, S.A.
Deutsche-Sudamerikanische Bank AG (Hamburg)
Deutsche-Sudamerikanische Bank AG (Panama)
Dresdner Australia Limited
Dresdner Bank (Consolidated)
Dresdner Bank (Ireland) plc
Dresdner Bank AG
Dresdner Bank AG, Los Angeles Agy
Dresdner Bank AG, New York Branch
Dresdner Bank AG, Paris Branch
Dresdner Bank Lateinamerika (Chile)
Dresdner Bank Lateinamerika AG
Dresdner Bank Latin America AG
Dresdner Bank Luxembourg S.A.
Dresdner Finance B.V.
Dresdner Funding Trust I
Dresdner Funding Trust II
Dresdner Funding Trust III
Dresdner Funding Trust IV
Dresdner International Finance plc
Dresdner International Financial Mkt (AU) Ltd
Dresdner Kleinwort Wasserstein
Dresdner Kleinwort Wasserstein Ltd
Dresdner South East Asia Ltd.
Dresdner U.S. Finance Inc.
Euler
Euler Hermes Deutschland AG
Fireman's Fund Companies
Fireman's Fund Corporation
Fireman's Fund Ins. Co. of OH
Fireman's Fund Insurance Co
Fireman's Fund Mortgage Corporation
Kleinwort Benson Australia Ltd.
Kleinwort Benson U.S. Finance Inc.
Kleinwort, Benson Lonsdale Plc
LifeUSA Insurance Company
Lloyd Adriatico S.p.A.
National Surety Corp.
Rating Action:

MOODY'S AFFIRMS RATINGS OF ALLIANZ GROUP; OUTLOOK REMAINS NEGATIVE

20 Mar 2003
MOODY'S AFFIRMS RATINGS OF ALLIANZ GROUP; OUTLOOK REMAINS NEGATIVE

Stable outlook applies for P-1 short-term ratings

London, 20 March 2003 -- Moody's today affirmed the ratings of the Allianz Group (senior debt guaranteed by Allianz AG at Aa2; insurance financial strength ratings at various entities; debt and deposit ratings of Dresdner Bank at Aa3; see full debt and IFSR list below). Negative outlooks continue to apply to all ratings. Moody's will comment in a separate press release on Dresdner Bank.

The affirmation of the ratings follows the announcement today of Allianz' full year loss of Eur 1.2 billion for 2002, along with Allianz' announcement that it intends to access the capital markets for a total of Eur 5 billion, through a combination of new equity (Eur 3.5 to 4 billion) and hybrid debt (Eur 1.5 to 1 billion). In Moody's view the capitalisation of the Group, although remaining relatively strong, has weakened considerably through the year, as reflected in Moody's downgrade and assignment of negative outlook in 2002. Allianz' shareholder equity has fallen substantially through 2002, from Eur 31.7 billion to Eur 21.8 billion, largely as a result of reduced levels of unrealised asset gains, coupled with the loss for the year. However, Moody's believes that the capital raising will substantially improve the Group's capitalisation position, in terms of coverage of policyholder and regulatory solvency requirements, ability to fund new business growth, and leverage profile. Moody's added that if however the capital raising was unsuccessful, negative rating actions would be likely to arise.

Allianz' net loss for 2002 of Eur 1.2 Billion reflects a combination of exceptional large losses (European floods and Asbestos & Environmental reserve strengthening), high impairments as a consequence of severely depressed investment markets and very poor earnings at Dresdner Bank due to increased loan loss provisions and reduced revenues. More positively, some operational improvements have been made, in terms of the improved combined ratio in the non-life business (101.7% after adjusting for floods and E&A) , a lower expense ratio in the life business and significantly reduced expenses at Dresdner Bank.

Although underlying earnings are showing signs of improvement and some non-life segments are likely to return to strong profitability, Moody's believes that the Group's overall earnings position will however continue to be undermined in the short-term by earnings pressure at its Dresdner Bank unit, as well as continued weak earnings through some selected insurance operations. Furthermore, Moody's added that, along with its peers, the Group continues to be exposed to volatile investment conditions and weak macro-economic conditions globally. Moody's negative outlook therefore continues to reflect the pressurised earnings environment.

The following ratings were affirmed and remain on negative outlook

INSURANCE FINANCIAL STRENGTH RATINGS

AGF Vie: Aa2 IFSR

AGF IART: Aa2 IFSR

Allianz Elementar Versicherungs-AG: Aa3 IFSR

Allianz Elementar Lebensversicherungs-AG: Aa3 IFSR

Allianz Lebensversicherungs-AG: Aa1 IFSR

Allianz Life Insurance Co of North America: A1 IFSR

Allianz Suisse Lebensversicherungs-Gesellschaft: Aa3 IFSR

Allianz Suisse Versicherungs-Gesellschaft: Aa3 IFSR

Cornhill Insurance plc : A1 IFSR

Fireman's Fund Insurance Company (and associated entities): A1 IFSR

Hermes Kreditversicherungs-AG: Aa3 IFSR

LifeUSA Insurance Company : A1 IFSR

Lloyd Adriatico SpA: Aa3 IFSR

Riunione Adriatica di Sicurta SpA: Aa2 IFSR

DEBT RATINGS

Allianz Finance BV: Aa2 senior debt

Allianz International Finance NV: Aa2 senior debt

Allianz Finance II BV : Aa2 senior debt and A1 subordinated debt

BANK RATINGS

Dresdner Bank AG: Aa3 long-term senior debts and deposits, A1 subordinated debt

Dresdner Bank AG, New York branch: A1 subordinated debt

Dresdner Finance BV: Aa3 long-term senior debts

Kleinwort Benson Limited: A1 long-term deposits

Dresdner International Finance Plc: Aa3 long-term senior debts

Dresdner Bank Luxembourg SA: A1 long-term senior debts and deposits, A2 subordinated debt,

Dresdner Bank (Ireland) Plc: A1 long-term deposits

Dresdner Bank Funding Trust I, II, II and IV: A2 preferred stock.

The following ratings were affirmed with a stable outlook

Allianz AG: P-1 Commercial Paper

Allianz Finance Corporation: P-1 Commercial Paper

Hermes Kreditversicherungs-AG: P-1 short-term insurance financial strength

Dresdner Bank AG : P-1 short-term deposits

Dresdner Finance BV : P-1 short-term deposits

Dresdner US Finance Inc: P-1 Commercial Paper

Kleinwort Benson Limited : P-1 short term deposits

Dresdner Bank Luxembourg SA : P-1 short-term deposits

Dresdner Bank (Ireland) Plc : P-1 short-term debt and deposits

London
Mark Hewlett
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454

London
Simon Harris
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454

No Related Data.
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