October 15, 2012
Strong operating performance contributes to upgraded credit profile
Allianz Worldwide Care’s financial strength rating has been raised from A Stable to A+
Stable by Standard & Poor’s. This rating upgrade, which follows a recent review, is primarily based on the company’s continued improvement in operating performance whilst gaining scale from significant year-on-year growth of over 20%, despite unfavourable global economic conditions. Allianz Worldwide Care is a leading global provider of international private medical insurance for employees, individuals and their dependants, wherever they are in the world.
Standard & Poor’s decision also reflects Allianz Worldwide Care’s strategic importance to its parent company, Allianz SE, and an expectation that it would sustain its positive performance in the future.
Ron Buchan, Chief Executive of Allianz Worldwide Care, said: “This upgrade to A+ is hugely encouraging news for the team at Allianz Worldwide Care at a time when we are maintaining dynamic levels of growth. The improved rating demonstrates our market stability and reflects the sound decisions the management team has made for the business.
The Standard & Poor’s rating will enhance the confidence and trust brokers, clients and regulators already have in Allianz Worldwide Care. Central to our success is the fact that every member of our highly skilled team embraces a client-focused approach and the service levels provided fully reflect this ethos. As a direct consequence, we have consistently maintained a client retention rate of 95% or above. This, together with today’s announcement, puts us in an excellent position going into 2013.”
The upgrade to A+ Stable also highlights Standard & Poor’s view that Allianz Worldwide Care will maintain its strong position in key markets, including the UK and Germany, whilst growing its global reach and diversifying into new markets, particularly those with high growth potential.
Allianz Worldwide Care which is headquartered in Dublin, Ireland has more than doubled its staffing levels over the past three years, to over 680 employees. 2012 saw the opening of two new offices in Belgium and China, to support the company’s growing client base as it continues to extend its geographical footprint.
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