A.M. Best Comments on Allianz SE’s Announcement on Turkish Partnership and Acquisition

  A.M. Best Comments on Allianz SE’s Announcement on Turkish Partnership and

Business Wire

LONDON -- March 28, 2013

A.M. Best Europe – Rating Services Limited has commented on the recent
announcement that Allianz SE (Germany) is entering into a long-term
partnership with Yapi Kredi and is acquiring Yapi Kredi Sigorta. Allianz SE
currently has a financial strength rating of A+ (Superior) and issuer credit
rating of “aa-”.

Allianz SE recently announced it has reached an agreement to enter into a
15-year exclusive distribution agreement with Yapi Kredi and to acquire Yapi
Kredi Sigorta, a property and casualty insurer, and its subsidiary, Yapı Kredi
Emeklilik, which writes life and pension business. The combination of Allianz
SE’s local company, Allianz Turkey, with the newly acquired operations will
give the group a market leading position in Turkey. A.M. Best believes these
transactions will enhance Allianz SE’s business profile in a key strategic
growth market. With a total net consideration of EUR 684 million, the
acquisitions will not have a material impact on Allianz SE’s very strong
risk-adjusted capitalisation.

A.M. Best will monitor developments with regards to these acquisitions and
will consider them as part of its annual rating review of Allianz SE.

The methodology used in determining these ratings is Best’s Credit Rating
Methodology, which provides a comprehensive explanation of A.M. Best’s rating
process and contains the different rating criteria employed in the rating
process. Key criteria utilised include: “Risk Management and the Rating
Process for Insurance Companies”; “Understanding Universal BCAR”;
“Understanding BCAR for Property/Casualty Insurers”; “Rating Members of
Insurance Groups”; “Natural Catastrophe Stress Test Methodology”; and
“Insurance Holding Company and Debt Ratings”. Best’s Credit Rating Methodology
can be found at www.ambest.com/ratings/methodology.

In accordance with Regulation (EC) No. 1060/2009, the following is a link to
required disclosures: A.M. Best Europe - Rating Services Limited Supplementary

A.M. Best Europe – Rating Services Limited is a subsidiary of A.M. Best
Company. A.M. Best Company is the world's oldest and most authoritative
insurance rating and information source. For more information, visit

       Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.


A.M. Best
Charlotte Vigier, +(44) 20 7397 0270
Senior Financial Analyst
Rachelle Morrow, +(1) 908 439 2200, ext. 5378
Senior Manager, Public Relations
Sam Dobbyn, +(44) 20 7397 0264
Associate Director
Jim Peavy, +(1) 908 439 2200, ext. 5644
Assistant Vice President, Public Relations
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