Danica Pension, Livsforsikringsaktieselskab

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1 November 8, 2010 Danica Pension, Livsforsikringsaktieselskab Primary Credit Analyst: Sanjay Joshi, London; Secondary Contact: Anna Glennmar, Milan (39) ; Table Of Contents Major Rating Factors Rationale Outlook Corporate Profile: Life And Pensions Operation Of Danske Bank Group Competitive Position: Market Leader In Denmark; Overseas Activities Still Developing Management And Corporate Strategy: Strong Management; Increasing Integration Into Danske Bank Group Enterprise Risk Management: Adequate Overall; Increased Focus On Coordination With Danske Bank Accounting: Accounts In Line With International Financial Reporting Standards, No Longer Publishing Embedded Value Operating Performance: Historically Robust, But Subject To Investment Volatility Investments: Biased Toward Bonds, Reflecting Guaranteed Liabilities Liquidity: Strong Liquidity; Danske Bank Support Expected If Required Capitalization: Expected To Remain Strong; Strong Quality Of Capital 1 Standard & Poor's. All rights reserved. No reprint or dissemination without Standard & Poor s permission. See Terms of Use/Disclaimer on the last page

2 Table Of Contents (cont.) Financial Flexibility: No Short-Term Capital Needs Expected; Capital Support From Danske Bank Group If Required Standard & Poor s Research November 8, Standard & Poor's. All rights reserved. No reprint or dissemination without Standard & Poor s permission. See Terms of Use/Disclaimer on the last page

3 (Editor's Note: We have reworded a paragraph in the operating performance section of the original full analysis, published on Nov. 5, 2010, to clarify our meaning. A corrected version follows.) Major Rating Factors Strengths: Core status to the Danske Bank group. Strong competitive position. Strong capitalization. Operating Company Covered By This Report Financial Strength Rating Local Currency A/Negative/-- Weaknesses: Dependence on investment performance. Limited diversification outside the domestic market. Rationale The ratings on Denmark-based life insurer Danica Pension, Livsforsikringsaktieselskab (Danica) reflect its core status to the Danske Bank group (Danske Bank A/S; A/Negative/A-1). The following analysis is based on a review of Danica as a stand-alone insurer. On a stand-alone basis, Danica benefits from a strong domestic competitive position generated from a broad product range, comprehensive distribution, and strong capitalization. These factors are partially offset by the company's dependence on investment performance and limited diversification outside Danica's domestic market. Danica plays a key role in Danske Bank's strategy to be a leading and well-diversified player in the financial services market in Denmark, and we expect Danica's international expansion to complement Danske Bank's strategy. Danica effectively operates as the life and pensions division of Danske Bank. About 10%-15% of sales are through branches of Danske Bank, back-office functions are mostly integrated, and Danske Bank has shown a willingness to provide capital for growth when needed in the past. Danica's strong competitive position is based on its well-diversified distribution model, good back-office systems, and innovative product design, which have helped the company to maintain its dominant position in the Danish life and pensions market. Unit-linked (UL) sales are a particular strength at Danica, which captured a dominant share of the market through product design and efficient operations. Management has demonstrated a commitment to, and delivery on, its strategy over a number of years, and has gained the support and backing of Danske Bank to continue this growth in the future. Capitalization is strong, based on solid, well-managed coverage of regulatory minimum solvency and strong capital adequacy according to Standard & Poor's risk-based capital model. Quality of capital is high. Nevertheless, capitalization exhibits volatility because of the variable effect of investment returns. Poor investment returns substantially reduced collective bonus potentials in 2008, and these have remained depressed since. 3

4 The lack of geographic diversification is a rating constraint, despite subsidiaries operating in Norway, Sweden, and Ireland. Premiums originating outside Denmark have historically accounted for a low proportion of the total. That said, the proportion has been increasing, especially in Sweden. We expect this increase to continue in the medium-to-long term as Danica develops these operations. Should any future geographic expansion occur, we expect it would be led by Danske Bank. Outlook The negative outlook on Danica reflects the negative outlook on its parent, Danske Bank. The ratings and outlook on Danica would be affected by a change in the ratings or outlook on Danske Bank or by a change in Danica's core status to the Danske Bank group. Standard & Poor's expects Danica to maintain its leading position in Denmark and its domestic market share of around 30%, and continue to develop its overseas market presence. Additionally, capitalization is likely to remain strong, and we expect Danica to continue to rebuild its buffers. Earnings performance is expected to continue to be good as long as investment conditions remain favorable. Standard & Poor's expects that Danske Bank will provide support if necessary. Corporate Profile: Life And Pensions Operation Of Danske Bank Group Danica is a wholly owned subsidiary of Forsikringsselskabet Danica (not rated), with the ultimate parent undertaking being Danske Bank A/S. Danica effectively operates as the life and pensions operation of the Danske Bank group. Standard & Poor's views Danica as core to the Danske Bank group. Danica is the market leader in Denmark with developing insurance operations in Sweden, Norway, and Ireland. Through the 2007 creation of the subsidiary Danica Life Ireland (not rated), Danica has expanded outside its Scandinavian core market, with premiums from overseas now accounting for 31% of total premiums as at H New business is increasingly UL products, but traditional business, characterized by investment guarantees, dominates the in-force portfolio. At the end of H1 2010, out of a total of Danish kroner (DKK) 249 billion of provisions, DKK55 billion related to UL business. Danica's total investment assets (including UL) came to DKK280 billion on June 30, 2010 (DKK256 billion on Dec. 31, 2009; DKK233 billion on Dec. 31, 2008). In 2007, Danica acquired the share capital of the Norwegian Danica Pensjonsforsikring and Danica Life from the parent company, Forsikringsselskabet Danica. Competitive Position: Market Leader In Denmark; Overseas Activities Still Developing Table 1 Forsikringsselskabet Danica Competitive Position --Year-ended Dec (Mil. DKK) Total revenue 26, , , , ,075.0 Net premium earned 17, , , , ,027.0 Standard & Poor s Research November 8,

5 Table 1 Forsikringsselskabet Danica Competitive Position (cont.) Annual change in net premium earned (%) (11.4) N.M. Separate accounts/unit-linked assets 46, , , , ,549.0 Life: Growth in separate accounts/unit-linked assets (%) 63.1 (5.3) N.M. Total assets under management 254, , , , ,961.0 Growth in assets under management (%) 12.8 (5.1) N.M. DKK--DKK-Danish krone. N.M.--Not meaningful. Danica's competitive position is strong overall and is supported by a wide product range and comprehensive distribution strategy. These strengths are partially offset, however, by Danica's relative lack of geographic diversification. Danica is Denmark's largest life insurance company with 30% of market share. Its dominant position in the market is a strength to the rating. Sales fell in 2009, reflecting a contraction in the overall Danish market. H interim figures indicate that an increase in sales is likely in Danica has successfully retained its dominant position in UL products, with a market share of 50%. The proportion of traditional business sold has been declining and in 2009 and H around 60% of the business sold was market business, as opposed to traditional. We view Danica's leading position in the UL sector as a strength to its competitive position. There is a trend toward transparency regarding life insurance in the Danish market. Danica has positioned itself well for any market changes; the company continues to focus on improving customer service and product transparency. For example, Danica has introduced online statements to improve transparency to customers, and has a task force to improve external communication. On Jan. 1, 2010, a new tax regime was implemented in Denmark. It reduced the highest marginal tax rate from 59% to 51.5%, which is likely to slightly reduce the tax-relief-related incentive to invest in pensions. In addition, a cap of DKK100,000 has been placed on the amount which can be contributed into a pension in a year. The rest will have to go into a tax-deductible life-long annuity; we believe this will make it harder to maintain the profitability of high-net-worth business. However, 51.5% of relief is still a strong incentive, and only a few individuals invest more than DKK100,000. We therefore do not expect the new tax regime to have a material impact on Danica. Danica's distribution strategy is regarded as strong and increasingly concentrated. Of Danish business, 78% is sourced directly through Danica's sales force, with the remainder split between bancassurance (11%) and brokers (11%). The proportion of sales through bancassurance was 11% in 2009 (15% in 2008, 13% in 2007) having been as high as 32% in Danica is also well positioned due to its flexible information technology (IT) systems, which have particularly assisted the growth in UL business. Danica's overseas strategy is to offer UL and risk products to complement existing Danske Bank operations. The DKK56 million generated by the international operations constituted 4.9% of Danica's H pretax profit. In terms of gross premiums written, 26.4% of H premiums was written in Sweden, 4.5% in Norway, and 0.3% in Ireland. The Swedish operation has seen a jump in profits to DKK31 million (following single-digit losses in the previous two years). Coupled with a 32% increase in sales in 2009, this shows signs of significant improvement. The 5

6 Irish operation has shown increasing losses (losses of DKK21 million in 2009, and DKK13 million in 2008) and the Norwegian operation has shown declining profits (DKK46 million in 2009, DKK51 million in 2008). We view the potential for future international diversification as a positive, particularly with Danica's wide distribution reach and flexible IT systems. However, the scale on these operations is currently too small to be material. We expect the profit relating to the international business to remain small for the foreseeable future. Prospective We expect Danica's Danish market share to remain around 30%, in light of Danica's strong position in the Danish market. Overseas organic diversification is expected to continue and to be led by Danske Bank. Sales from outside Denmark--especially in Sweden--have been increasing recently and Standard & Poor's expects that the proportion of premiums originating overseas will continue to increase. When Danske Bank acquired Sampo Bank PLC (AA-/Stable/A-1+) in 2007, it agreed that Danica would not offer insurance products to Sampo Bank's Finnish customers within the rating horizon. Nevertheless, this could open up a new market and captive customer base for Danica to target in the future. Because of its already strong position in UL products, Danica appears well placed to benefit from the ongoing trend toward market transparency. Management And Corporate Strategy: Strong Management; Increasing Integration Into Danske Bank Group Management has demonstrated a commitment to, and delivery on, its strategy over a number of years, and has gained the support and backing of Danske Bank to continue this growth in the future. Strategy Danica's aim, to remain the leading provider of employee life and pension benefits in Denmark, is reasonable. This strategy is consistent with the parent's strategy to be a leading and well-diversified player in the financial services market in Denmark. Overseas expansion by Danica is expected to complement Danske Bank's international development. Standard & Poor's regards as sound the steps taken by management to defend Danica's market position by improving its service and product offerings and strengthening its distribution capabilities. Danica's product strategy in Denmark is to focus more on the newer market products Danica Link and Danica Balance, and to reduce the focus on Danica Traditionel. We view this as a sound move, in light of the trend toward transparency in the Danish market. Furthermore, the company has demonstrated a strong track record in this space. Although Danica is moving toward UL products, the company continues to offer guarantees on each of the three main Danish products. We anticipate that there will be difficulties involved in valuing these under the forthcoming Solvency II regime for regulation of insurance in the EU and the guarantees contribute significantly to the company's risk profile. Danica aims to offer proactive and targeted customer service and continue to develop new products. Standard & Poor's considers that ensuring high service satisfaction is a key factor for Danica to protect its existing book, particularly the UL products, from the increasing competition. Standard & Poor s Research November 8,

7 Management continues to explore ways to strengthen its distribution capabilities, and in particular intend to increase the proportion of bancassurance sales, helped by greater cooperation with Danske Bank. Operational management Operational management at Danica is strong, with a stable and experienced insurance team boosted by support from Danske Bank management. Danica shares many of its back-office functions with Danske Bank, and continues to integrate to maximize synergies and cross-selling opportunities. In October 2010, it was announced that the CEO of Danica would become chief financial officer of Danske Bank. Work is ongoing to secure a new CEO for Danica. The move is an indication of the close ties between Danica and Danske Bank. Danica increasingly operates as the insurance division of Danske Bank, although the Danica group is legally separate from Danske Bank. Danica shares three members of its nine-person board of directors with its parent, illustrating the close ties and support enjoyed by the subsidiary. Another indication of the close links between Danica and Danske Bank was the use the parent bank made of Danica's expertise in annuities in light of the tax reforms implemented at the start of Financial management Financial management at Danica is good, and supports Standard & Poor's view of management. Although the level of guarantees is high on the traditional life book (averaging 3.08% at year-end 2009), risk is well controlled by the use of hedging and an appropriately active investment strategy with suitable audit and control systems. We expect the average guarantee to slowly reduce as new money attracts lower guarantees and the traditional portfolio ages. In addition, the increasing take-up of UL products means investment risk is increasingly being assumed by policyholders. Danica also has the ability to apply temporary charges to its with-profit policies to minimize the effect of financial turmoil. Danica applied this in 2008, and reduced it to zero over the course of Enterprise Risk Management: Adequate Overall; Increased Focus On Coordination With Danske Bank Danica's enterprise risk management (ERM) is viewed as adequate given the company's risk profile and risk management strategy. Danica's main risk is investment, particularly meeting the guaranteed benefits on traditional business. Comprehensive risk controls are employed for the investment portfolio, for each insurance company, and for each asset class. Danica's risk controls include hedges against interest rate risk in the form of a set of options on swaps--swaptions--that are monitored daily. We view this as a good contribution to Danica's interest rate risk management. Stress tests are employed to regularly measure risk exposure. A constant proportion portfolio insurance (CPPI) investment strategy is in place on the Danica Traditionel product. Between late 2008 and May 2009, Danica departed from its CPPI strategy to take advantage of what Danica viewed as underpriced assets. While this contributed to Danica's strong investment returns in 2009, we view it as a weakness to the consistency of its controls on investment risk. Monitoring of mortality, morbidity, and longevity insurance risks appears adequate. Operational risks are well 7

8 controlled, with significant coordination of processes with Danske Bank. Danica's ERM is not yet fully coordinated with Danske Bank, although this is improving and we expect it to continue to develop going forward. The risk management culture is adequate, but appears to be strengthening in line with the increased coordination with Danske Bank. Regulatory solvency cover is higher than for peers, and the business profile and reinsurance program reduces extreme event risk. Accounting: Accounts In Line With International Financial Reporting Standards, No Longer Publishing Embedded Value Following the issuance of subordinated debt on the Irish Stock Exchange in 2006, Danica Pension's consolidated accounts are prepared in accordance with International Financial Reporting Standards (IFRS). The transition to IFRS did not generate significant changes to Danica's reported figures. Full credit is given in Standard & Poor's risk-adjusted capital model for the collective bonus potential and limited credit for the bonus potential of paid-up policies. Collective bonus potential is the undistributed reserves which can be used to allocate future bonuses or cover losses. The bonus potential of paid-up policies is an element of the provisions which can be used to cover losses on assets if the collective bonus potential has been used up. The 2006 debt issue is treated as subordinated debt and does not get any equity credit in the model. Danica's capital model is subject to an adjustment to reflect the interest rate hedging program, which consists of a basket of receivers swaptions. This adjustment reduces the target capital to reflect the company's reduced exposure to interest rate risk as a result of the swaptions program. Danica published market-consistent embedded value for its Danish UL business, excluding accident and health insurance, for the first time in Danske Bank's annual report Since then, the company has decided not to continue to publish embedded value figures on a basis consistent with CFO Forum principles, citing a lack of interest from investors. We view Danica as fairly well placed to respond to the forthcoming Solvency II reporting regime, in light of its active participation in the Quantitative Impact Study processes. However, in common with a number of other insurers, we believe that it will be difficult to value options and guarantees and the allowance for discretionary benefits accurately under Solvency II. Individual solvency requirements (ISR) were reported to the Danish Financial Service Authority (FSA) for the first time in December Standard & Poor's views positively the development of ISR and believes that it should improve risk management in Denmark. Operating Performance: Historically Robust, But Subject To Investment Volatility Standard & Poor s Research November 8,

9 Table 2 Forsikringsselskabet Danica Operating Performance --Year-ended Dec (Mil. DKK) Return on revenue (%) (35.0) (58.0) Return on assets excluding all investment gains (%) (3.7) N/A Return on assets including realized and unrealized gains/(losses) (%) 1.6 (0.4) N/A Return on equity (%) 16.3 (6.0) N/A Return on equity (adjusted) (%) (52.1) (173.1) Return on capital (%) (43.4) N/A EBIT 4,015.0 (891.0) 2, , ,774.0 EBIT adjusted (9,407.0) 20, , ,530.0 (13,380.0) EBITDA 4,015.0 (891.0) 2, , ,774.0 EBITDA adjusted (9,407.0) 20, , ,530.0 (13,380.0) Net loss ratio (%) Total net expense ratio (%) Net investment yield (%) N/A DKK--DKK-Danish krone. N/A--Not applicable. Standard & Poor's views Danica's recent operating performance as good, reflecting its good and improving expense ratios and robust premium income. These positive factors are offset, however, by the earnings volatility arising from the investment return on shareholders' equity and the relative lack of diversity. Historical Danica's earnings comprise a share of technical provision, the investment return on shareholders' equity, and the accident and health result. Danica experienced strong investment returns in This helped the company to report a pretax profit of DKK3 billion, which is a historically high figure, as well as replenishing its buffers during the period. By contrast, in 2008, the company reported a pretax loss of DKK1.1 billion because of turbulence in the financial markets resulting in negative return on equities. Expenses as a proportion of premiums have tended to decrease, reaching 5.0% on an annualized basis in H1 2010, compared with 6.0% in 2009 and Standard & Poor's views the accident and health business as dependent on its investment result. When the investment elements of profit are stripped out, the company's accident and health business has consistently delivered a loss of between DKK100 million and DKK200 million each year since However, loss-making accident and disability business is an industrywide issue in Denmark, generated by poor claims experience and fierce competition. Danica continues to offer these products as ancillary benefits to more-profitable pensions business, and withdrawal from this market may affect its competitive position. Prospective We view Danica's position in the Danish market as stable, and hence expect Danica's future earnings to be stable apart from the volatility arising from the company's dependence on the Danish sector and the volatility arising from investment returns. The need to improve buffers may introduce a drag on future earnings. 9

10 We expect the Swedish business to continue to grow. In the longer term, we expect to see improved geographical diversity of earnings. Investments: Biased Toward Bonds, Reflecting Guaranteed Liabilities Table 3 Forsikringsselskabet Danica Liquidity And Investments --Year-ended Dec (Mil. DKK) Invested assets to total assets (%) Common equity investments to capital (%) Real estate investments to capital (%) Total invested assets adjusted 208, , , , ,412 General account invested assets 208, , , , ,412 Separate accounts/unit linked assets 46,437 28,478 30,087 24,122 16,549 Investment portfolio composition Cash and cash equivalents (%) Total bonds (%) Common stock (%) Real estate (%) Total mortgages (%) Investments in affiliates (%) Investments in partnerships, joint ventures, and other alternative investments - portfolio composition (%) Other investments (%) Total portfolio composition (%) DKK--DKK-Danish krone. Standard & Poor's regards Danica's investment strategy as good. Exposure to a fall in equities or change in interest rates is well managed. The monitoring and management of the asset-liability position is good, with the appropriate use of derivatives. After a period of poor returns during the financial crisis, Danica has, in common with many other insurers, seen reasonable investment returns more recently, including an overall return of 5.4% in H (7.1% in 2009). Returns were strong over 2009, including a 22% return on equities and a 30% return on international credit investments. This was, in part, helped by the departure from the CPPI strategy in late 2008 and early Danica's aim going forward is to be in the top third for investment performance as compared with peers. We view this as an increasingly important element for the success for its Danica Link product, which is aimed at customers who have the financial awareness to tailor their investments to their own needs. On Dec. 31, 2009, 10% of assets were invested directly in property, and 10% of assets in equities, with a further 12% in unit trusts that invest in a range of assets. The bulk of the assets (68%) were invested in bonds. The bias toward bonds reflects the guaranteed nature of much of Danica's liabilities. The percentages in each asset class are governed by asset allocation guidelines intended to control investment risk. Standard & Poor s Research November 8,

11 These include targets for the percentage of total policyholder assets invested in each asset class, as well as limits around those targets. Danica has no investments in subprime mortgages, credit default swaps, or collateralized loan obligations in Danica Traditionel or Danica Balance. The bulk of investments are managed by Danske Bank, with Danica undertaking limited investment management. The remainder, mostly specialist equity and bond sectors, is invested through externally mandated managers. Liquidity: Strong Liquidity; Danske Bank Support Expected If Required Standard & Poor's regards Danica's stand-alone liquidity as strong. Cash flow--like earnings--tends to be positive, but is subject to the risks associated with investment volatility. Under Danica's asset allocation guidelines, most assets will usually be invested in marketable fixed interest assets, with only a small minority of assets invested in cash We view liquidity as further enhanced by Danske Bank ownership. As long as Danica remains core to Danske Bank's operations, it is unlikely to face any liquidity issues that its parent cannot support. Capitalization: Expected To Remain Strong; Strong Quality Of Capital Capitalization is strong, based on solid, well-managed coverage of regulatory minimum solvency and a strong capital adequacy ratio according to Standard & Poor's risk-based capital model. Nevertheless, capitalization remains volatile due to the dependence on investment performance, a relationship highlighted by movements in recent years. The targets chosen by management are appropriate to the level of risk maintained in the business and the implicit support of the parent. The quality of capital remains strong. Historical On a stand-alone basis, Danica's capitalization is regarded as strong. This is despite a decline in policyholders' bonus reserves in 2008 when the majority of the collective bonus potential (DKK11.9 billion) was transferred to income to cover investment losses. This demonstrates the strong relationship between capitalization and investment performance. Quality of capital remains strong. Apart from policyholder bonus reserves, it comprises mainly shareholder equity. Shareholder's equity stands at DKK19.9 billion, which is a high figure by historical standards (DKK19.2 billion at year-end 2009, DKK16.9 billion at year-end 2008) During 2006, Danica issued 400 million of subordinated debt, with the proceeds used to repay internal financing and for future organic growth. As noted above, this receives no equity credit in our capital model. The most significant risk for Danica is market risk, with Danica required to meet any shortfall in investment returns on traditional business. Policyholder risk is partly mitigated through the Danish state guaranteeing returns on old business in the event of Danica being unable to meet the liabilities. Furthermore, Danica enjoyed historically strong investment performance, which it used to build buffer capital. These buffers--collective bonus potential and bonus potential of paid up policies--were used to cushion the effect of poor investment returns in Collective bonus potentials reduced from DKK13.5 billion at year-end 2007 to DKK1.6 billion at year-end Buffers have improved since then, and Danica has replenished the bonus potential of paid up policies, but at the end of H

12 collective bonus potentials were still substantially lower than historic levels, at DKK2.0 billion. The existence and level of policy guarantees act as constraints on Danica's capitalization. New policies to traditional contracts are not attracting guarantee benefits based on interest rates greater than 1.5%, and we expect the average guarantee on the in-force book to gradually decrease over time. In addition, as sales of UL products increase and earnings become more diversified, the buffer against capital being hit by guarantees will grow. A key risk to Danica's capitalization is the need to cover its guarantees, a risk which is managed with derivatives as mentioned in the ERM section. Reserves Reserving bases appear appropriate given experience. Reinsurance is not used extensively, but appears reasonable given the business written. Mortality and morbidity catastrophe cover is in place in Denmark. We believe Danica's exposure to longevity risk does appear manageable. An increase in life expectancy of one year would increase liabilities by DKK1.4 billion. As part of the Danish government's financial stability measures in 2008, Danish mortgage bond spread was added to the discount rate used in discounting liabilities, which reduced Danica's reserves by DKK1.1 billion. This will be used until end of Prospective Standard & Poor's expects capital adequacy to remain strong on a risk-adjusted basis. We expect Danica to continue to build up its collective bonus potential. Financial Flexibility: No Short-Term Capital Needs Expected; Capital Support From Danske Bank Group If Required Table 4 Forsikringsselskabet Danica Financial Flexibility --Year-ended Dec EBITDA interest coverage (x) (28.1) (114.4) EBITDA fixed-charge coverage (x) (28.1) (114.4) Debt leverage including additional pension deficit as debt (%) Financial leverage including additional pension deficit as debt (%) Standard & Poor's regards financial flexibility as strong. As a core member of Danske Bank, Danica benefits from access to additional sources of funds from its parent. The 2006 subordinated debt issue has restricted the availability to access additional funds via this route. Nevertheless, Standard & Poor's believes that Danica is unlikely to require capital to fund its organic growth plans over the short term. Ratings Detail (As Of November 8, 2010)* Operating Company Covered By This Report Standard & Poor s Research November 8,

13 Ratings Detail (As Of November 8, 2010)*(cont.) Danica Pension, Livsforsikringsaktieselskab Financial Strength Rating Local Currency Counterparty Credit Rating Local Currency Subordinated (1 Issue) Domicile A/Negative/-- A/Negative/-- BBB+ Denmark *Unless otherwise noted, all ratings in this report are global scale ratings. Standard & Poor's credit ratings on the global scale are comparable across countries. Standard & Poor's credit ratings on a national scale are relative to obligors or obligations within that specific country. Additional Contact: Insurance Ratings Europe; InsuranceInteractive_Europe@standardandpoors.com Additional Contact: Insurance Ratings Europe; InsuranceInteractive_Europe@standardandpoors.com 13

14 Copyright 2010 by Standard & Poor's Financial Services LLC (S&P), a subsidiary of The McGraw-Hill Companies, Inc.All rights reserved. No content (including ratings, credit-related analyses and data, 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 S&P. The Content shall not be used for any unlawful or unauthorized purposes. S&P, its affiliates, 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, 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) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. 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 s opinions and analyses do not address the suitability of any security. S&P does not act as a fiduciary or an investment advisor. 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. 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 non-public information received in connection with each analytical process. S&P may receive compensation for its ratings and certain credit-related 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 may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at Standard & Poor s Research November 8,

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