Research Update: Volksfuersorge Deutsche Lebensversicherung AG Aug 04
- ID: 1751569
- August 2004
- Standard & Poors
On Aug. 26, 2004, Standard & Poor's Ratings Services assigned its 'AA' long-term counterparty credit and insurer financial strength ratings to German life insurer Volksfürsorge Deutsche Lebensversicherung AG (VDL) and property/casualty insurer Volksfürsorge Deutsche Sachversicherung AG (VDS) (collectively Vofü). The outlook is negative. The ratings on VDL and VDS reflect the companies' core strategic and operational role as subsidiaries of Italy-based composite insurer Assicurazioni Generali SpA (Generali; AA/Negative/--). Generali maintains a 69.85% stake in AMB Generali Holding AG, the management holding company of the AMB Generali group, which in turn fully owns Volksfürsorge Holding AG (VDH), the parent company of VDL and VDS. Further rating factors on a stand-alone basis are Vofü's strong competitive position and strong operational controls. These...
Companies mentioned in this report are:
- Volksfuersorge Deutsche Lebensversicherung AG
- Commerzbank AG
- Assicurazioni Generali SpA
- Volksfuersorge Deutsche Sachversicherung AG
Action: New Rating
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Product Type: Research Update
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