Standard & Poor’s outlook for insurers remains negative

A negative outlook flags the possibility of a downgrade within 6 to 24 months.

However for all three insurers the credit rating agency removed the negative Creditwatch status which could have entailed a downgrade within 90 days.

For Allianz, S&P reaffirmed the AA rating but stated the increased credit risk in the Eurozone had weakened the group's risk-adjusted capital adequacy "to a level close to our minimum expectations for the current rating".

At Aviva the group retained its AA- long-term