Summary: Swiss Life/Schweizerische Lebensversicherungs- und Rentenanstalt AG Aug 01

Standard & Poors, August 2001

Abstract
The changed outlook on Swiss Life/Schweizerische Lebensversicherungs- und Rentenanstalt AG and two branches--Schwiz. Leben.-und Rentenananstalt (German Br.) and Soc. Suisse d'Ass. sur la Vie Humaine (Swiss Life French Br.)--reflects concerns about sustainability of the group's still very strong risk-based capitalization, as well as continued earnings pressure on Swiss Life's domestic book of business. The ratings are based on the group's very strong business position in its home market, increasing diversification both geographically and by line of business, and continually improving operating performance, driven mainly by the group's expanding fund management and banking operations. Major rating factors: -- Since Swiss Life's demutualization and listing in 1998, the group has sought to utilize capital surpluses more efficiently, with acquisition activities putting further...

Companies mentioned in this report are: Swiss Life AG
Action: Review

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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.

Swiss Life AG

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