Supervisory authorities and rating agencies are additional risk monitoring bodies. Supervisory authorities stipulate the minimum precautions and capital requirements that we must meet in individual countries and on an international level. Rating agencies evaluate the relationship between the required risk capital of a company and its available safeguards. In the agencies’ evaluation of capital resources, they consider equity shown in the balance sheet, minority interests and other items representing additional securities in times of crisis. As of December 31, 2006, this total was at a level that corresponds to our current ratings. As of December 31, 2006, the insurer financial strength of the Allianz SE was rated by Standard & Poor’s as “AA-” (outlook positive), by A. M. Best as “A+” (outlook stable), and by Moody’s as “Aa3” (outlook stable).
