Rating agency Fitch has placed its 'AA' insurer financial strength rating and 'AA' long-term issuer rating of Allianz Group on watch negative.
Fitch attributed the rating action to Allianz's recent announcement of a EUR2.5bn (£1.5bn) third quarter loss.
Allianz Group's performance was affected by losses from its Dresdner banking operations and reserve strengthening for asbestos liabilities.
Fitch also raised its concern over the capital position of the Allianz Group, which it said "weakened considerably during the third quarter."
A Fitch statement said: "The agency does not consider the current capital position to be consistent with the present rating level and will be seeking additional information from the company regarding the current and future capital position of the group."
