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Rating Action:

MOODY'S UPGRADES ALLIANZ CORNHILL INSURANCE FINANCIAL STRENGTH RATING TO A1 FROM A2

12 Oct 2005
MOODY'S UPGRADES ALLIANZ CORNHILL INSURANCE FINANCIAL STRENGTH RATING TO A1 FROM A2

London, 12 October 2005 -- Moody's Investors Service today upgraded Allianz Cornhill plc's ("AZC") Insurance Financial Strength Rating ("IFSR") to A1 from A2. The rating has a stable outlook. This rating action concludes the review for possible upgrade initiated on 7 July 2005. Allianz Cornhill is the UK subsidiary of Allianz Group (Senior debt and IFSR Aa3 at Allianz AG), focusing on non life insurance with strong market positions in certain commercial lines, specialty businesses and pet insurance.

The review focused on the ability of AZC to maintain recent stand alone improvements, in particular through any softening of the underwriting cycle. Moody's notes that the 2005 interim results further demonstrated the underwriting improvements of recent years and Moody's expects a continuation of this improved performance, with the combined ratio remaining below 100% through the cycle.

The rating agency also commented that the upgrade reflects the improved risk profile at AZC due to reduced exposure to non core lines such as the global risk business and UK life insurance alongside the low risk investment strategy and strengthened capitalisation. The rating also reflects the benefits of being part of the Allianz Group and a modest level of rating support is generated by this ownership structure.

Turning to possible future ratings actions, Moody's commented that further upward movement was unlikely to be generated without either an upgrade in the ratings of Allianz AG or a major step change in AZC's position in the UK market. Conversely, downwards rating movements would most likely occur in the event that Allianz AG suffered a negative ratings action, if AZC became less integrated with the Allianz Group or if the improvements at AZC highlighted above were reversed.

The following rating has been upgraded with a stable outlook:

Allianz Cornhill Insurance plc IFSR to A1 from A2

Allianz Cornhill Insurance plc, based in London, United Kingdom, had total assets of GBP5.0billion as at end of 2004.

London
Stephen Hunnisett
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
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London
Simon Harris
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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