Allianz designated global systemically relevant insurance group
The Financial Stability Board (FSB) designated Allianz and eight other large international insurance groups as global systemically relevant. The concrete ramifications of this are now to be determined together with the regulators. Therefore, it is too soon to give a detailed assessment of its effects.
Munich - “Even though we continue to be of the opinion that the insurance business in general and Allianz in particular does not represent a systemic risk, we acknowledge the decision of the FSB and will continue to support its efforts for more stable financial markets,” said Dieter Wemmer, Chief Financial Officer of Allianz SE.
“Allianz enjoys a widely diversified, resilient business model, a very solid capital base and sustainable profitability. Therefore, we are well positioned to manage the new requirements this designation will lead to regardless of the specific form they take.”
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