Research Update: Swiss Life, Related Subs Affirmed At 'A-' On Strong Asset-Liability Management; Outlook Stable Oct 06

Standard & Poors, October 2006

Abstract
On Oct. 25, 2006, Standard & Poor's Ratings Services affirmed its 'A-' long-term counterparty credit and insurer financial strength ratings on Switzerland-based life insurer Swiss Life/Schweizerische Lebensversicherungs- und Rentenanstalt (Swiss Life) and related operating entities. At the same time, the 'BBB' long-term counterparty credit rating on Swiss Life Holding was affirmed. The outlooks are stable. The ratings reflect Swiss Life's strong asset-liability and risk management practices, strong and increasingly diversified competitive position, and strong and further improved capitalization. Operating performance also continues to improve. Domestic earnings are not yet fully reflective of Swiss Life's market position, however. Further offsetting factors include Swiss Life's dependence on capital market and interest rate development and still unsatisfactory cost efficiency. Major rating factors: Strong...

Companies mentioned in this report are: Swiss Life AG,Soc. Suisse d'Ass. generales sur la Vie Humaine (Swiss Life French Branch),Swiss Life AG, Niederlassung fuer Deutschland,Swiss Life Holding
Action: Affirmed
Action: Outlook: Stable

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Swiss Life AG,Soc. Suisse d'Ass. generales sur la Vie Humaine (Swiss Life French Branch),Swiss Life AG, Niederlassung fuer Deutschland,Swiss Life Holding

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