Proven ability to maintain solid profitability; Very competitive cost position backed by efficient distribution and rigorous cost discipline; A very strong competitive position in the German property/casualty market; and A very conservative financial profile. Financial risk tolerance is likely to increase as management has entered into an active acquisition phase. The ratings on the core property/casualty insurance subsidiaries of Germany-based Talanx AG are based on the financial strength of Talanx AG's consolidated primary insurance operations (collectively referred to as Talanx primary insurance group; TPG; see table 5). TPG benefits from strong operating performance, a very strong competitive position, and a very conservative financial profile. Over the past few years, TPG has demonstrated an impressive earnings track record. In 2005, TPG...
Companies mentioned in this report are:
- HDI-Gerling Industrie Versicherung AG
- HDI Haftpflichtverband der Deutschen Industrie VaG
- HDI-Gerling Verzekeringen N.V.
- Talanx AG
- HDI Versicherung AG
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.
Research Type: Full Analysis