Swiss Life Group Dec 09

Standard & Poors, December 2009

Abstract
Strong competitive position in Switzerland, complemented by a strong niche position in France. Ongoing strategic challenges and execution risks in the group's core markets. Modest operating performance. Dependence of the financial profile on interest rate developments. The ratings on Switzerland-based life insurer Swiss Life AG (Swiss Life) reflect what Standard & Poor's Ratings Services sees as the group's strong competitive position in Switzerland, complemented by a strong niche position in France and progress in improving its competitive standing in Germany. Offsetting factors include, in our view, ongoing strategic challenges and execution risks associated with the integration of financial advisor AWD and the implementation of a comprehensive efficiency and cost-savings program. The group's modest operating performance, in our view, combined with...

Companies mentioned in this report are: Swiss Life AG,Swiss Life AG, Niederlassung fuer Deutschland,Swiss Life Holding
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.

Research Type: Full Analysis

Swiss Life AG,Swiss Life AG, Niederlassung fuer Deutschland,Swiss Life Holding

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