Summary: Commonwealth Annuity and Life Insurance Company: A Goldman Sachs Company Sep 09

Standard & Poors, September 2009

Abstract
The insurer financial strength rating on Commonwealth Annuity and Life Insurance Co. (Commonwealth), the insurance subsidiary of Goldman Sachs Group Inc. (Goldman), reflects Commonwealth's strong earnings and capital position and its strategic importance to Goldman. Commonwealth's improving yet narrow competitive position, opportunistic strategy, and dependence upon its parent for capital to complete significant transactions partially offset these strengths. Commonwealth's earnings have been significantly diversified through the closing of three transactions in 2009, and Standard & Poor's Ratings Services expects them to be less volatile in the coming years. We expect the company's return on assets (ROA) to be greater than those of industry peers at 85 basis points (bps) for 2009 and 2010. Commonwealth's strong capital adequacy as measured by...

Companies mentioned in this report are:
- Commonwealth Annuity and Life Insurance Co.: A Goldman Sachs Company
- The Goldman Sachs Group Inc.

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Commonwealth Annuity and Life Insurance Co.: A Goldman Sachs Company
- The Goldman Sachs Group Inc.

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