Research Update: Swiss Life/Schweizerische Lebensversicherungs- und Rentenanstalt AG Mar 03

Standard & Poors, March 2003

Abstract
On March 6, 2003, Standard & Poor's Ratings Services placed its 'A' long-term counterparty credit and insurer financial strength ratings on Switzerland-based life insurer Swiss Life/Schweizerische Lebensversicherungs- und Rentenanstalt AG (Swiss Life) on CreditWatch with negative implications. This followed the group's announcement that it expects to report a bottom-line loss of Swiss franc 1.7 billion ($1.3 billion) for the year ended Dec. 31, 2002, mainly as a result of deepened losses in the group's domestic business, realized capital losses, and significant asset impairments. At the same time, Standard & Poor's placed its 'BBB' long-term counterparty credit rating on Swiss Life Holding and its 'BBB' long-term senior unsecured debt rating on the mandatory convertible securities issued by Swiss Life Cayman Finance...

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,Swiss Life Cayman Finance Ltd.
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.

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,Swiss Life Cayman Finance Ltd.

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