Allianz Cornhill - steady as she goes

The ratings on UK-based composite insurer Allianz Cornhill Insurance (Allianz Cornhill; A+/Negative/-) reflects its strategic importance to its ultimate parent, Allianz AG (Allianz; AA-/Negative/A-1+), its strong investments, and strong capitalisation. These factors are partially offset by the company's operating performance, which is good but improving.

Allianz Cornhill, as the principal Allianz subsidiary in the UK, is strategically important to its parent. Investments are considered strong