The insurer's combined ratio fell to 98% in Q3 2026, supported by cautious risk selection in high-loss non-motor segments and tighter expense control as scale expanded.
Moody's expects premium growth to return to a healthy single-digit rate in 2027 as stable bond yields and stronger contractual service margin growth support profitability.
The move follows S&P’s 23 October outlook revision on Allianz SE and its core subsidiaries, after the group’s operating performance “improved materially”.
Earnings diversification has increased as overseas and group businesses account for a larger share of profits, supported by expansion in the US market.
The parent's proposed CNY15bn (US$2.2bn) state injection, part of a broader CNY70bn package, underpins the change, though S&P affirmed the reinsurer's 'A-' ratings.
Local life insurers are leaning on overseas acquisitions to offset a shrinking domestic population, even as the agency says capital buffers should stay resilient.
Underwriting performance at Hanoi Re recovered in FY 2025, driven by favourable loss reserve development, lower management expenses and higher premium rates.
