LONDON, 7 September 2011—A.M. Best Europe – Rating Services Ltd. has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of “aa” of Allianz Societas Europaea (Allianz SE) (Germany) and a number of its key subsidiaries. The outlook for all ratings is stable. (See below for a complete listing of companies and debt ratings.)

The ratings of Allianz SE reflect its strong risk-adjusted capitalisation and good expected financial performance. The ratings also take into account the company’s very strong business profile.

A.M. Best believes that Allianz SE’s risk-adjusted capitalisation will remain strong in 2011, despite its high exposure to peripheral eurozone sovereign credit risk. In A.M. Best’s opinion, the group’s capitalisation is strong enough to withstand a deterioration in the credit quality and market values of its holdings in sovereign bonds. Despite significant impairments on its Greek government bonds and high natural catastrophe claims, Allianz SE’s shareholder equity (excluding non-controlling

interests) remained relatively stable at EUR 42.6 billion at half year 2011 and was supported by the EUR 2 billion subordinated debt issued in the first quarter of this year. A deterioration of the eurozone financial situation—significantly more severe than currently anticipated by the markets and European regulatory stress tests—would be likely to have a negative impact on the ratings of Allianz SE.

A.M. Best expects Allianz SE to post a good financial performance in 2011, despite lower anticipated investments results while its operating profit of EUR 7.5 to 8.5 billion remains on target. The high natural catastrophe losses experienced in the first quarter of 2011 are likely to be offset by improved claims development in the motor business in Europe. The asset management activities are likely to continue to contribute positively to the group’s overall earnings following a strong performance in 2010.

Allianz SE maintains a very strong business profile worldwide and more particularly in Continental Europe, Asia Pacific and the United States. At half year 2011, the group’s total revenues were down 2.4% to EUR 54.5 billion as the decline in life investment type products more than offset the good business growth in the non-life and asset management segments.

Following the good performance of the group’s specialty insurers and hardening rates in some European non-life business lines, A.M. Best believes that non-life premiums are likely to increase moderately in 2011 and 2012.

The FSR of A+ (Superior) and ICR of “aa” have been affirmed for Allianz SE and its following subsidiaries:

-- Allianz Lebensversicherungs-AG

-- Allianz Versicherungs-AG

-- Allianz Private Krankenversicherungs-AG

-- Euler Hermes Kreditversicherungs-AG

-- Allianz S.p.A

-- Allianz Insurance Plc

-- Allianz Vie

-- Allianz IARD

The ICR has been downgraded to “a” from “aa” for Allianz France S.A. The rating downgrade is reflective of the company’s status as a non-operating holding company.

The following debt ratings have been assigned:

Allianz Finance II B.V. (guaranteed by Allianz SE)—

-- “aa-” on EUR 2 billion 5.75% subordinated bonds, due 2041

-- “aa” on EUR 1.5 billion 4.75% senior unsecured bonds, due 2019

The following debt ratings have been affirmed:

Allianz Finance II B.V. (guaranteed by Allianz SE)—

-- “aa” on EUR 0.9 billion 5.625% senior unsecured bonds, due 2012

-- “aa” on EUR 1.5 billion 4.0% senior unsecured bonds, due 2016

-- “aa” on EUR 1.5 billion 5.0% senior unsecured bonds, due 2013

-- “aa-” on EUR 2 billion 6.125% senior subordinated bonds, due 2022

-- “aa-” on EUR 1 billion 6.5% senior subordinated bonds, due 2025

-- “aa-” on EUR 1.4 billion 4.375% undated junior subordinated bonds

-- “aa-” on EUR 0.8 billion 5.375% undated subordinated bonds

-- “aa-” on USD 0.5 billion 7.25% perpetual subordinated bonds

Allianz SE—

-- “aa-” on USD 2 billion 8.375% undated subordinated bonds

-- “aa-” on EUR 1.5 billion 5.5% perpetual junior subordinated bonds

The following debt rating has been downgraded in line with the downgrade of its issuer:

Allianz France S.A.—

-- to “a-” from “a+” on EUR 0.4 billion 4.625% junior subordinated bonds, due 2015

The principal methodology used in determining these ratings is Best’s Credit Rating Methodology -- Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed. Additional key criteria utilised include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Life and Health Insurers”; “Equity Credit for Hybrid Securities”, “A.M. Best’s Perspective on Operating Leverage.”, “A.M. Best Rating & the Treatment of Debt”, and “Rating Members of Insurance Groups”. Methodologies 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 Disclosure.

A.M. Best Europe – Rating Services Limited is a subsidiary of A.M. Best Company. Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.