Standard & Poor's Applies Its Revised Insurance Criteria To 23 Large Rated Insurance Groups And Their Subsidiaries

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1 Standard & Poor's Applies Its Revised Insurance Criteria To 23 Large Rated Insurance Groups And Their Primary Credit Analysts: Tracy Dolin, New York ; Volker Kudszus, Frankfurt (49) ; Secondary Contacts: Simon Ashworth, London (44) ; Lotfi Elbarhdadi, Paris (33) ; Sanjay Joshi, London (44) ; Taos D Fudji, Milan (39) ; Reina Tanaka, Tokyo (81) ; Mark A Legge, Melbourne (61) ; John Iten, New York (1) ; Shellie A Stoddard, New York ; Robert A Hafner, FSA, New York (1) ; Li Cheng, CFA, FRM, FSA, New York (1) ; Patrick C Wong, New York ; Matthew T Carroll, CFA, New York ; Laline S Carvalho, New York ; Taoufik Gharib, New York ; NEW YORK (Standard & Poor's) May 22, Standard & Poor's Ratings Services said today that it has reviewed its ratings on 23 large insurance groups, including all of the global multiline insurance groups, by applying its new ratings criteria for insurers, which were published on May 7, (See the Ratings List for the ratings on these insurers, insurance holding companies, their core and highly strategic subsidiaries, and other subsidiaries that we took rating actions on as a result of applying our new criteria to their parents.) We will publish individual analytical reports on the insurance groups identified below, including a list of ratings on affiliated entities, as well MAY 22,

2 as the ratings by debt type--senior, subordinated, junior subordinated, and preferred stock. The research updates will be available at and on RatingsDirect.com. Ratings on specific issues will be available on RatingsDirect and at RELATED CRITERIA AND RESEARCH Insurance Rating Methodology, May 7, 2013 Enterprise Risk Management, May 7, 2013 Group Rating Methodology, May 7, 2013 Methodology For Linking Short-Term And Long-Term Ratings For Corporate, Insurance, And Sovereign Issuers, May 7, 2013 Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012 Principles Of Credit Ratings, Feb. 16, 2011 Refined Methodology And Assumptions For Analyzing Insurer Capital Adequacy Using The Risk-Based Insurance Capital Model, June 7, 2010 Hybrid Capital Handbook: September 2008 Edition, Sept. 15, 2008 RATINGS LIST (All ratings are affirmed, except where a "from" rating is indicated.) Aviva PLC Local currency A-/Stable/A-2 Foreign currency A-2 Aviva International Insurance Ltd. Aviva Assurances S.A. Aviva Re Ltd. Aviva Vie S.A. Aviva Life & Pensions UK Ltd. To From Aviva Insurance Ltd. Local currency A+/Stable/A-1+ A+/Stable/A-1 Aviva Insurance Ltd. AXA AXA Assurances IARD Mutuelle (Unsolicited Ratings) A-/Stable/A-2 A+pi MAY 22,

3 A+pi AXA Life Insurance Co. Ltd. AXA Belgium AXA Life and Annuity Co. MONY Life Insurance Co. of America AXA France IARD AXA France Vie AXA Krankenversicherung AG AXA Lebensversicherung AG AXA Versicherung AG AXA Insurance U.K. PLC AXA Versicherungen AG DBV Deutsche Beamten-Versicherung AG DBV Deutsche Beamtenversicherung Lebensversicherung AG AXA France IARD Financial Enhancement Rating A+ AXA Equitable Life Insurance Co. AXA Corporate Solutions Assurance AXA Insurance Co. AXA Equitable Life Insurance Co. Financial Enhancement Rating A+ AXA Equitable Life Insurance Co. AXA Financial Inc. AXA Bank Europe S.A. A-/Stable/-- A/Stable/A-1 To From AXA Equitable Life Insurance Co. A+/Stable/A-1+ A+/Stable/A-1 Assicurazioni Generali SpA Alleanza Toro S.p.A AachenMuenchener Lebensversicherung AG AachenMuenchener Versicherung AG Advocard Rechtsschutzversicherung AG Central Krankenversicherung AG Cosmos Lebensversicherungs AG Cosmos Versicherung AG Envivas Krankenversicherung AG MAY 22,

4 Generali Deutschland Pensionskasse AG Generali Lebensversicherung AG Generali Versicherung AG (Germany) Generali Versicherung AG (Austria) Generali IARD Generali Vie INA ASSITALIA SpA Generali (U.S. branch) Generali Holding Vienna AG Generali Rueckversicherung AG A/Negative/-- A/Negative/-- A/Negative/-- BBB+/Negative/-- BBB+/Negative/-- Deutsche Bausparkasse Badenia AG BBB+/Stable/A-2 AEGON N.V. AEGON Bank N.V. AEGON Levensverzekering N.V. AEGON Schadeverzekering N.V. Western Reserve Life Assurance Co. of Ohio Transamerica Advisors Life Insurance Co. Transamerica Advisors Life Insurance Co. of NY Blue Square Re N.V. Stonebridge Life Insurance Co. AEGON Schadeverzekering N.V. Financial Enhancement Rating A-/Stable/A-2 A+/Stable/A-1 AA- Transamerica International Re (Bermuda) Ltd. Transamerica Life (Bermuda) Ltd. Monumental Life Insurance Co. Transamerica Financial Life Insurance Co. Transamerica Life Insurance Co. MAY 22,

5 Transamerica International Re (Bermuda) Ltd. Commonwealth General Corp. Transamerica Corp. A-/Stable/-- ING Verzekeringen N.V. A-/Negative/A-2 ING Re (Netherlands) N.V. Nationale-Nederlanden Levensverzekeringen Maatschappij N.V Zurich Insurance Co. Ltd. Foreign Currency Local Currency American Guarantee & Liability Insurance Co. American Zurich Insurance Co. Assurance Co. of America Colonial American Casualty & Surety Co. Fidelity & Deposit Co. of Maryland Maryland Casualty Co. Northern Insurance Co. of NY Steadfast Insurance Co. Universal Underwriters Insurance Co. Universal Underwriters of Texas Insurance Co. Zurich American Insurance Co. Empire Fire & Marine Insurance Co. Empire Indemnity Insurance Co. Zurich American Insurance Co. of IL Zurich Capital Markets Inc. Zurich Insurance PLC Zurich International (Bermuda) Ltd. Zurich Insurance Co. Ltd. Centre Reinsurance (U.S.) Ltd. MAY 22,

6 Centre Reinsurance (U.S.) Ltd. Financial Enhancement Rating AA- ZCM Matched Funding Corp. Zurich Bank Allianz SE Allianz Elementar Versicherungs - AG Allianz Elementar Lebensversicherungs AG Allianz Vie Allianz Global Corporate & Specialty (France) Allianz Global Corporate & Specialty AG Allianz IARD Allianz Lebensversicherungs Aktiengesellschaft Allianz Global Risks U.S. Insurance Co. AGCS Marine Insurance Co. Allianz Life Insurance Co. of North America Allianz Life Insurance Co. of New York Allianz Underwriters Insurance Co. Allianz Private Krankenversicherungs - AG Allianz Versicherungs AG Allianz Australia Insurance Ltd. Allianz Insurance PLC Allianz Suisse Lebenversicherungs - Gesellschaft Allianz Suisse Versicherungs - Gesellschaft Allianz Fire and Marine Insurance Japan Ltd. Allianz France Allianz SpA AA/Stable/A-1+ AA-/Negative/-- AA-/Negative/-- A+/Stable/A-1 Allianz Banque To From MAY 22,

7 A+/Stable/A-1 Prudential PLC A+/Stable/A-1 A+/Negative/A-1 Jackson National Life Insurance Co. AA/Stable/A-1+ AA/Negative/A-1+ AA/Negative/-- Jackson National Life Insurance Co. of New York Prudential Assurance Co. Ltd. (The) Prudential Annuities Ltd. AA/Negative/-- AA/Negative/-- QBE Insurance Group Ltd. QBE European Operations PLC A-/Stable/-- A/Negative/-- Equator Reinsurances Ltd. Praetorian Insurance Co. QBE Insurance (Australia) Ltd. QBE Insurance (Europe) Ltd. QBE Insurance (International) Ltd. QBE Insurance Corp. QBE Reinsurance Corp. QBE Specialty Insurance Co. Stonington Insurance Co. Lantana Insurance Ltd. QBE Insurance (International) Ltd. (NZ Branch) QBE Re (Europe) Ltd. Blue Ridge Indemnity Co. General Casualty Co. of Wisconsin General Casualty Insurance Co. Hoosier Insurance Co. Regent Insurance Co. Southern Fire & Casualty Co. Southern Guaranty Insurance Co. Southern Pilot Insurance Co. Unigard Indemnity Co. Unigard Insurance Co. QBE Hongkong & Shanghai Insurance Ltd. A/Stable/-- A/Negative/-- MAY 22,

8 A/Stable/-- A/Negative/-- Greater China Regional Scale cnaa+ Nisshin Fire & Marine Insurance Co. Ltd. Tokio Marine & Nichido Fire Insurance Co. Ltd. AA-/Negative/A-1+ AA-/Negative/-- Tokio Marine & Nichido Fire Insurance Co. Ltd. (New Zealand Branch) Tokio Marine & Nichido Fire Insurance Co. Ltd. (U.S. Branch) Tokio Marine Europe Insurance Ltd. Tokio Marine Global Re Ltd. Tokio Millennium Re (UK) Ltd. Tokio Millennium Re Ltd. Tokio Marine Global Re Asia Ltd. Tokio Marine Retakaful Pte. Ltd. AA-/Negative/-- Tokio Marine & Nichido Life Insurance Co. Ltd. AA-/Negative/-- AA-/Negative/-- Tokio Marine & Fire Insurance Co. (Hong Kong) Ltd. Greater China Regional Scale cnaaa To From Tokio Marine & Nichido Fire Insurance Co. (China) Ltd. A/Stable/-- A/Stable/-- Greater China Regional Scale cnaaa cnaa+ Tokio Marine Insurance Singapore Ltd. Tokio Marine Life Insurance Singapore Ltd. ASEAN Regional Scale axaaa To From Tokio Marine Financial Solutions Ltd. A+/Negative/A-1+ AA-/Negative/A-1+ Manufacturers Investment Corp. MAY 22,

9 A/Stable/A-1 A-/Stable/A-2 Manulife Financial Corp. A/Stable/-- A-/Stable/-- John Hancock Capital Corp. John Hancock Life & Health Insurance Company John Hancock Life Insurance Co. of New York Manufacturers Life insurance Co. (The) John Hancock Life Insurance Co. (USA) Financial Enhancement Rating Manulife (International) Ltd. Greater China Regional Scale Rating Manulife Life Insurance Co. MetLife Inc. MetLife Insurance Co. of Connecticut Metlife Funding Inc. First MetLife Investors Insurance Co. New England Life Insurance Co. MetLife Investors USA Insurance Co. MetLife Investors Insurance Co. General American Life Insurance Co. American Life Insurance Co. (DE) AA- cnaaa A-/Stable/A-2 --/--/A-1+ MetLife Assurance Ltd. MAY 22,

10 Metropolitan Life Insurance Co. MetLife Insurance Co. of Connecticut AHICO First American-Hungarian Insurance Co. First American Czech Insurance Co. AS (Amcico Pojistovna A.S.) MetLife Alico Life Insurance KK Zao Alico Insurance Co. Russian National Scale AA-/Negative/A-1+ AA-/Negative/-- ruaaa Power Corp. of Canada Canada Life Assurance Co. (U.S. branch) The Canada Life Assurance Co. Great-West Life Assurance Co. (U.S. Branch) Great-West Life & Annuity Insurance Co. London Life Insurance Co. Great-West Life Assurance Co. A/Stable/-- AA/Stable/A-1+ London Life Insurance Co. Great-West Life Assurance Co. Great-West Life & Annuity Insurance Co. Great-West Life & Annuity Insurance Co. of New York Canada Life Insurance Co. of America Great-West Lifeco Inc. Power Financial Corp. GWL&A Financial Inc. Canada Life Financial Corp. London Insurance Group Inc. MAY 22,

11 Reinsurance Group of America Inc. RGA Global Reinsurance Co. Ltd. RGA International Reinsurance Co. Ltd. RGA Life Reinsurance Co. of Canada RGA Reinsurance Co. RGA Reinsurance Co. of Australia Ltd. A-/Stable/-- Lincoln National Corp. Lincoln National Life Insurance Co. Lincoln Life & Annuity Co. of NY First Penn-Pacific Life Insurance Co. A-/Stable/A-2 A-/Stable/-- A-/Stable/-- Sun Life Financial Inc. Sun Life Assurance Co. of Canada Sun Life Assurance Co. of Canada (U.S. Branch) Sun Life and Health Insurance Co. (U.S.) A/Stable/A-1 Chubb Corp. A+/Stable/A-1 Federal Insurance Co. Chubb Custom Insurance Co. Chubb Indemnity Insurance Co. Chubb Insurance Co. of Canada Chubb Insurance Co. of Europe Chubb Insurance Co. of New Jersey Chubb National Insurance Co. Executive Risk Indemnity Inc. MAY 22,

12 Executive Risk Specialty Insurance Co. Great Northern Insurance Co. Pacific Indemnity Co. Northwestern Pacific Indemnity Co. Texas Pacific Indemnity Co. Vigilant Insurance Co. Chubb Lloyd's Insurance Co. of Texas Chubb Insurance (China) Co. Ltd. Federal Insurance Co. Hong Kong Federal Insurance Co. Japan Federal Insurance Co. Korea Federal Insurance Co. Taiwan Prudential Financial Inc. Prudential Annuities Life Assurance Corp. Pruco Life Insurance Co. Pruco Life Insurance Co. of New Jersey Prudential Retirement Insurance and Annuity Co. Prudential Insurance Co. of America Prudential Funding LLC A/Stable/A-1 Prudential Insurance Co. of America Prudential Life Insurance Co. Ltd. The Gibraltar Life Insurance Co. Ltd. The Prudential Gibraltar Financial Life Insurance Co. Ltd. AA-/Negative/-- AA-/Negative/-- XLIT Ltd. X.L America Inc. BBB+/Positive/-- Greenwich Insurance Co. XL Specialty Insurance Co. XL Select Insurance Co. MAY 22,

13 XL Reinsurance America Inc. XL Re Ltd. XL Re Latin America Ltd. XL Re Europe plc XL Insurance Switzerland XL Insurance Co. of New York Inc. XL Insurance America Inc. XL Insurance (Bermuda) Ltd. XL Insurance Co. Ltd. Indian Harbor Insurance Co. XL Insurance (Bermuda) Ltd. Financial Enhancement Rating XL Re Ltd. UK A/Positive/-- A/Positive/-- A A/Positive/-- Travelers Cos. Inc. (The) A/Stable/A-1 Discover Property & Casualty Insurance Co. St. Paul Fire & Casualty Insurance Co. St. Paul Fire & Marine Insurance Co. Travelers Insurance Co. Ltd. St. Paul Guardian Insurance Co. St. Paul Mercury Insurance Co. St. Paul Protective Insurance Co. St. Paul Surplus Lines Insurance Co. Travelers Casualty Co. (The) Travelers Constitution State Insurance Co. Automobile Insurance Co. of Hartford, CT Charter Oak Fire Insurance Co. Farmington Casualty Co. Phoenix Insurance Co. Standard Fire Insurance Co. TravCo Insurance Co. Travelers Casualty & Surety Co. Travelers Casualty and Surety Co. of America Travelers Casualty Co. of Connecticut Travelers Casualty Insurance Co. of America Travelers Lloyd's of Texas Insurance Co. Travelers Commercial Casualty Co. Travelers Commercial Insurance Co. Travelers Excess & Surplus Lines Co. Travelers Home & Marine Insurance Co. (The) Travelers Indemnity Co. Travelers Indemnity Co. of America MAY 22,

14 Travelers Indemnity Co. of CT Travelers Personal Insurance Co. Travelers Personal Security Insurance Co. Travelers Property Casualty Co. of America Travelers Property Casualty Insurance Co. United States Fidelity & Guaranty Co. Discover Specialty Insurance Co. Fidelity & Guaranty Insurance Co. Fidelity & Guaranty Insurance Underwriters Inc. Travelers Property Casualty Corp. Travelers Insurance Co. of Canada Gulf Underwriters Insurance Co. Select Insurance Co. Travelers Casualty and Surety Co. of Europe Ltd. A/Stable/-- American International Group Inc. AIG Financial Products Corp. AIG Matched Funding Corp. AIG Funding Inc. AIG Liquidity Corp. AIG-FP Matched Funding Corp. Banque AIG American General Assignment Services Trust SunAmerica Financial Group Inc. A-/Negative/A-2 --/--/A-2 A-/Negative/-- American General Life Insurance Co. Variable Annuity Life Insurance Co. The United States Life Insurance Co. in the City of New York New Hampshire Insurance Co. Thailand New Hampshire Insurance Co. Lexington Insurance Co. MAY 22,

15 Insurance Co. of the State of Pennsylvania Illinois National Insurance Co. Granite State Insurance Co. Commerce & Industry Insurance Co. Chartis Specialty Insurance Co. Chartis Property Casualty Co. Chartis Casualty Co. American International Reinsurance Co. Ltd. American Home Assurance Co. AIU Insurance Co. AIG United Guaranty Insurance (Asia) Ltd. AIG Europe Ltd. AIU Insurance Co. Ltd. National Union Fire Insurance Co. of Pittsburgh, PA Chartis Insurance Ireland Ltd. Chartis Insurance Company of Canada Chartis Excess Ltd. Chartis Europe (Netherlands) N.V. American Home Assurance Co. Korea Branch American Home Assurance Co. Japan Branch AIU Japan AIG Asia Pacific Insurance Pte. Ltd. ASEAN Regional Scale AIG Insurance Hong Kong Ltd. Greater China Regional Scale AIG Korea Inc. Fuji Fire & Marine Insurance Co. Ltd. Chartis Specialty Insurance Co. Lexington Insurance Co. Financial Enhancement Rating axaaa cnaaa A/Stable/-- A/Stable/-- A+/--/-- To From National Union Fire Insurance Co. of Pittsburgh, PA A+/Stable/A-1+ A+/Stable/A-1 AIG Australia Ltd. MAY 22,

16 A/Stable/-- A/Stable/-- To From ACE Ltd. A/Positive/-- A/Stable/-- ACE Bermuda Insurance Ltd. Corporate Officers and Directors Assurance Ltd. ACE Bermuda International Insurance (Ireland) Ltd. ACE European Group Ltd. ACE American Insurance Co. ACE Fire Underwriters Insurance Co. ACE Insurance Co. of the Midwest ACE Property & Casualty Insurance Co. Atlantic Employers Insurance Co. Bankers Standard Fire & Marine Co. Bankers Standard Insurance Co. Illinois Union Insurance Co. Indemnity Insurance Co. of North America Insurance Co. of North America Pacific Employers Insurance Co. ACE Tempest Life Reinsurance Ltd. ACE Tempest Reinsurance Ltd. Combined Insurance Co. of America Combined Life Insurance Co. of NY Westchester Fire Insurance Co. Westchester Surplus Lines Insurance Co. AA-/Positive/-- AA-/Positive/-- ACE INA Insurance Co. A+/Positive/-- A+/Positive/-- ACE Insurance Ltd. (Hong Kong) A+/Positive/-- A+/Positive/-- Greater China Regional Scale cnaaa ACE Insurance (Switzerland) Ltd. AA-/Positive/-- ACE Insurance Ltd. (Singapore) A+/Positive/-- A+/Positive/-- ASEAN Regional Scale axaaa ACE Insurance Ltd. (New Zealand) MAY 22,

17 A+/Positive/-- A/Stable/-- A+/Positive/-- A/Stable/-- ACE Insurance Co. A+/Positive/-- AA-/Negative/-- A+/Positive/-- AA-/Negative/-- ACE Insurance Ltd. (Australia) A+/Positive/-- A+/Positive/-- This unsolicited rating(s) was initiated by Standard & Poor's. It may be based solely on publicly available information and may or may not involve the participation of the issuer. Standard & Poor's has used information from sources believed to be reliable based on standards established in our Credit Ratings Information and Data Policy but does not guarantee the accuracy, adequacy, or completeness of any information used. Complete ratings information is available to subscribers of RatingsDirect at and at All ratings affected by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left column. MAY 22,

18 Copyright 2013 by Standard & Poor's Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P's opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and and (subscription) and (subscription) and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at MAY 22,

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