Research Update: German Life Insurer Victoria Lebensversicherung AG Ratings Lowered To 'A' On Halt To New Business; Outlook Stable Mar 10

  • ID: 2091558
  • March 2010
  • Region: Germany
  • Standard & Poors
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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: Downgraded
Action: Outlook: Stable

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Victoria Lebensversicherung AG,Munich Reinsurance Co.

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