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Swiss Life/Rentenanstalt remains sound


Leading Swiss pension provider responds to statements in the press:
The pensions of Swiss Life/Rentenanstalt’s customers are safe and secure. The company can meet its obligations to customers at any time. On 3 July 2002 the Federal Office of Private Insurance confirmed that Swiss Life/Rentenanstalt satisfies all the legal requirements for security and for the strength of its equity base. The insurer’s credit standing continues to be good. The international rating agency Standard & Poor's reaffirmed its “A” rating, outlook negative, on 12 July 2002 (citing "good risk-based capitalisation").

Swiss Life/Rentenanstalt already started taking steps to reinforce its financial strength at the beginning of this year in view of the troubled situation on the capital markets. It thus reduced the equities component of its investment portfolio at an early stage, bringing down the net exposure in the share market to the current level of around 6.5%. The quality of Swiss Life/Rentenanstalt’s stock and bonds portfolio is very good, with relatively light weightings for the shares which suffered steep market declines in recent weeks. In addition, Swiss Life/ Rentenanstalt maintains a high quality portfolio in real estate.