Aviva also cited last night's decision by Standard & Poor's to reaffirm the group's AA credit rating as evidence of its financial stability. The rating agency's move came as German financial services giant Allianz spread more gloom over the European insurance sector with a profits warning that triggered a 12% slump in its share price. Allianz said it lost e350m (£219m) in the second quarter and had abandoned its 2002 profit target of e3bn.