S&P Global Ratings has affirmed its AA- financial strength and issuer credit ratings for Allianz Australia, with a stable outlook.

“We expect Allianz Australia to remain a highly strategically important subsidiary of Allianz SE, the insurer's ultimate parent,” the ratings agency said.

S&P notes the company’s “solid business profile” across key property and casualty market segments, which makes it one of Australia’s “top four P&C insurers”.

“We have assessed Allianz Australia’s financial risk profile as sound, taking into account the capital adequacy that we assess at a BBB level under our insurance capital model.

“We also expect support from the parent would be forthcoming in case of need, or if growth warrants, as has been the provided in the recent past.”

S&P considers Allianz’s enterprise risk management to be “very strong”.