AM Best has issued new ratings for Allianz SE of Germany and most of its rated subsidiaries. The issuer credit rating (ICR) outlook was revised from stable to positive, while financial strength rating (FSR) of A+ (Superior) and ICR of "aa-" was affirmed. The international credit ratings firm cited Allianz SE's excellent risk-adjusted capitalisation, strong operating performance, diversified business profile, and robust risk management framework as positive factors for its rating. However, these are tempered by Allianz's exposure to volatile investment markets. The Group plans to revamp the mix of new life business written, reduce sensitivity to credit spreads, digitalizing its underwriting platforms, developing a customer-centric model, and improving underwriting performance. If it is able to achieve these goals in the next couple of years, then a ratings upgrade is likely.