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Standard & Poor’s Ratings Services announced that it has raised its insurer financial strength and counterparty credit ratings on Allianz Australia Insurance Ltd. to “A+” from “A” and it maintains a positive outlook.

“The ratings on Allianz Australia reflect the insurer’s stand-alone strong business and financial position, and its status as a strategically important subsidiary of Munich-based parent Allianz AG (AA-/Positive/A-1+), from which it receives credit enhancement,” said S&P.

“Allianz Australia’s stand-alone profile is underpinned by its sustained earnings profile, supported by a better balance of business mix and a strong distribution network of intermediaries,” stated S&P credit analyst Michael Vine, Financial Services Ratings. “The ratings also are based on the insurer’s effective management strategy, operational initiatives, and conservative reinsurance program,” the bulletin continued.

“Offsetting these factors is Allianz Australia’s moderate capital position, coupled with a direct distribution business that has a lower profile than peers, and slightly increasing expense ratio as a result of the accelerated growth in short-tail business,” Vin e added. “Although Allianz Australia represents a small part of the overall Allianz AG group, the subsidiary plays an important role in the parent’s Asia-Pacific strategy and is used as a resource to the wider group on product, market, and technological knowledge in the region.”

He also noted that S&P “expects that Allianz Australia’s strengthened business mix, the continual growth of its distribution partners, and careful financial management will underpin sustainable financial performance and support ongoing balance-sheet strength.”

Topics Australia