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[Friseuse]

Dow Jones/vwd
S&P bestätigt Münchener-Rück-Ratings mit "A+"
Mittwoch 8. September 2004, 20:31 Uhr

Aktienkurse
Muenchener Rueckvers...
843002.DE
80.65
+1.69


LONDON (Dow Jones-VWD)--Standard & Poor`s (S&P) hat das langfristige Counterparty- und das Finanzstärkerating für die Münchener Rückversicherungs-Gesellschaft AG, München, mit "A+" bestätigt. Der Ausblick sei "stabil", teilte die Ratingagentur am Mittwoch mit. Der Versicherer habe eine sehr gute Wettbewerbsposition, eine hohe Kapitalisierung und finanzielle Flexibilität. S&P rechnet weiterhin mit einer hohen Wettbewerbsfähigkeit im Leben- und Nicht-Leben-Geschäft.

Die Änderung des Ausblicks auf "positiv" in der Zukunft werde davon abhängen, ob die jüngste Verbesserung der operativen Entwicklung lediglich auf eine zyklische Erholung der Prämienhöhen zurückzuführen sei oder ob die eingeleiteten Maßnahmen des Managements der Grund dafür seien. (ENDE) Dow Jones Newswires/12/8.9.2004/jhe/cn

[rentner2010]

Versicherungsaktien werde ich in den nächsten jahren nicht anfassen. 20 Jahre arbeite ich für einen Weltkonzern ( AXA) glaube es ist einfach zu früh.

Aus meiner Sicht Gruß Rentner

[Friseuse]

LONDON (Standard & Poor`s) Sept. 8, 2004--Standard & Poor`s Ratings
Services said today it affirmed its `A+` long-term counterparty credit and
insurer financial strength ratings on Germany-based international
reinsurer Munich Reinsurance Co. and related core reinsurance entities of
the Munich Re group (Munich Re), following a review. The outlook is
stable.
The ratings reflect the group`s very strong competitive position, strong
capitalization, and strong financial flexibility (defined as the ability
to source capital relative to requirements). These strengths are partly
offset by Munich Re`s marginal non-life reinsurance underwriting
performance prior to 2003 and the challenges faced by management to fully
embed structural changes made over the past few years.
The stable outlook reflects Standard & Poor`s expectation that Munich Re
will maintain its very strong competitive positions in both the non-life
and life reinsurance markets.
Underwriting profitability is expected to improve further in 2004 as the
rate increases and stricter terms and conditions implemented in 2003
continue to be felt. The turnaround in primary life insurance operating
performance is expected to continue. Year-on-year non-life reinsurance
gross premiums written are expected to be flat to slightly down. Life
reinsurance is expected to record another steady performance in 2004.
Standard & Poor`s expects risk-based capitalization to continue to
improve through retained profits and reduced risk exposure. Capital
adequacy according to Standard & Poor`s risk-based model is expected to
return to the `AA` (very strong) range by the end of 2004.
"Future positive changes to the outlook or ratings will be dependent on
Munich Re demonstrating that the recent improvement in operating
performance relates to changes instigated by management rather than the
combination of a cyclical recovery in premium rates and the low-severity
loss environment," said Standard & Poor`s credit analyst Stephen Searby.
"Evidence of an underlying improvement will be through the group`s
response to any further weakening of rates at the forthcoming January
renewal season and the reported performance for the second half of 2004."
Ratings information is available to subscribers of RatingsDirect,
Standard & Poor`s Web-based credit analysis system, at
www.ratingsdirect.com. It can also be found on Standard & Poor`s public
Web site at www.standardandpoors.com; under Credit Ratings in the left
navigation bar, select Find a Rating, then Credit Ratings Search.
Alternatively, call one of the following Standard & Poor`s numbers: London
Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44)
20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225;
Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail on:
[e-mail].

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[Friseuse]

Gleichzeitig bekommt der Wettbewerb auf die Mütze

LONDON (Standard & Poor`s) Sept. 8, 2004--Standard & Poor`s Ratings
Services said today it revised its outlook on Zurich-based global
reinsurer Swiss Reinsurance Co. and related entities of the Swiss Re group
(Swiss Re) to negative from stable. At the same time, Standard & Poor`s
affirmed all ratings on the group, including its `AA` long-term
counterparty credit and insurer financial strength ratings.
"The outlook revision mainly reflects uncertainty as to whether the
improvement in profitability in 2003 and the first half of 2004 is
sustainable over the next few years," said Standard & Poor`s credit
analyst Stephen Searby. Standard & Poor`s believes that further
improvement is necessary to bring long-term across-the-cycle operating
performance to a level commensurate with the ratings. In addition, Swiss
Re, in common with most of its peers, has continued to add to its
prior-year reserves in response to continuing adverse development on U.S.
casualty business. Although such development is not material in the
context of the group`s overall capital and reserves, it acts as a drag on
prospective operating performance.
"The ratings reflect Swiss Re`s very strong competitive position, very
strong financial flexibility, and very strong risk-based capitalization,"
said Mr. Searby. These factors are partly offset by weaker relative
long-term non-life operating profitability, and by a somewhat higher
reliance (than peers) on softer forms of capital.
Maintenance of the ratings at their current level is predicated on the
expectation of a material improvement in profits before tax and realized
gains in 2004 (Swiss franc 1.96 billion {$1.54 billion} in 2003) and on
total (life and non-life) ROR rising to about 10% (7.1% in 2003, before
tax and excluding realized gains). The first-half 2004 results showed that
progress was being made toward these levels, although it was a benign
period for claims. Further improvements are expected in 2005 due to Swiss
Re`s business mix. In addition, it is expected that growth in non-life
premium volumes will be less than 5% in 2004 and 2005, due to proactive
cycle management. Risk-based capitalization based on Standard & Poor`s
model is expected to be in the `AA` range by year-end 2004, albeit that
reliance on soft forms of capital will remain high. A material shortfall
on these expectations might result in the ratings being lowered.
Ratings information is available to subscribers of RatingsDirect,
Standard & Poor`s Web-based credit analysis system, at
www.ratingsdirect.com. It can also be found on Standard & Poor`s public
Web site at www.standardandpoors.com; under Credit Ratings in the left
navigation bar, select Find a Rating, then Credit Ratings Search.
Alternatively, call one of the following Standard & Poor`s numbers: London
Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44)
20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225;
Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail on:
[e-mail].

ANALYST E-MAIL ADDRESSES
[e-mail]
[e-mail]
[e-mail]