AM Best has affirmed its credit ratings of Allianz SE and subsidiaries, saying the assessments reflect the German insurance giant’s balance sheet strength.

The insurer and its rated subsidiaries have a financial strength rating of A+ and long-term issuer credit ratings of aa.

AM Best says the outlook of these credit ratings is stable.

“Allianz has a track record of strong and stable operating performance, supported by its diversified earnings profile,” the rating agency said.

“Its property/casualty segment has demonstrated consistently strong performance, reporting a five-year average combined ratio of 95.1%, supported by strong group-wide pricing capabilities.”

The rating agency says Allianz has superior diversification by geography and business line. This is backed up by its leading positions in many developed and emerging markets, offering a complete range of life and non-life insurance products, as well as asset management services.

“Its competitive position is supported by its scale, strong management capabilities, dynamic strategy and strong brand,” AM Best said.