Research Update: German Insurer HDI Leben 'A+' Ratings Put On Watch Negative On Parent's Strategic Review Oct 13
- Language: English
- Published: October 2013
- Region: Germany
We have assessed Victoria Lebensversicherung AG's (Victoria Leben's) stand-alone financial profile as good, following the parent group's decision that Victoria Leben would no longer write new business. We believe that Munich Re, Victoria Leben's ultimate owner, has a strong incentive to ensure the orderly handling of policyholder obligations in the future. We are lowering our ratings on Victoria Leben to 'A' from 'A+' and removing them from CreditWatch where they were placed with negative implications on Nov. 25, 2009. The stable outlook reflects our view that extensive investment hedging and a recovery of capitalization should strengthen Victoria Leben's balance sheet. On March 8, 2010, Standard & Poor's Ratings Services lowered its counterparty credit and insurer financial strength ratings on German...
Companies mentioned in this report are: Victoria Lebensversicherung AG,Munich Reinsurance Co.
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.
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Victoria Lebensversicherung AG,Munich Reinsurance Co.