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
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Product Type: Research Update
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