Allianz SE operates as a massive multinational financial services and insurance corporation that owns, controls, or holds major stakes in numerous prominent global insurance and asset management subsidiaries. Key entities operating under the Allianz corporate umbrella include Allianz Global Corporate & Specialty (AGCS) for commercial insurance, Allianz Life Insurance Company of North America focusing on retirement and insurance solutions in the US, and Euler Hermes (now known as Allianz Trade) specializing in trade credit insurance. Furthermore, the group incorporates various regional European insurance operations, joint ventures, and asset management giants like PIMCO and Allianz Global Investors.