AMB : AA RATINGS

[BIZ: Aachen, November 9]
Standard & Poor's (S&P) has assigned an 'AA' rating ("very strong") to the insurance companies of the AMB Generali Group in an interactive rating procedure. The entities of the AMB Generali Group are the only primary insurers in Germany to have obtained this rating, currently is the highest assigned by S&P. The following
operating subsidiaries of the AMB Generali Group, number three in the
German primary insurance market, obtained a 'AA' insurer financial strength
rating:

Advocard Rechtsschutzversicherung AG
AMB Generali Pensionskasse AG
Central Krankenversicherung AG
Cosmos Lebensversicherungs-AG
Cosmos Versicherung AG
Envivas Krankenversicherung AG
Generali Lebensversicherung AG
Generali Versicherung AG.

In addition, S&P affirmed the existing 'AA' insurer financial strength
ratings of

AachenMünchener Lebensversicherung AG
AachenMünchener Versicherung AG
Volksfürsorge Deutsche Lebensversicherung AG
Volksfürsorge Deutsche Sachversicherung AG.

S&P qualifies the outlook for the German insurance entities of AMB Generali
as "stable".

"This rating reflects the excellent financial stability of the insurance
companies of the listed AMB Generali Group. We thus take the top position
in the German primary insurance market", said Dietmar Meister, Chief
Financial Officer of AMB Generali, who sees the ratings as a confirmation
of the Group's business policy… The fact that S&P states a significant improvement of our operating earnings capacity is a confirmation of our strategy. We are oriented towards ambitious international financial-market targets. Our Group is well positioned."

As stated by S&P, two factors contribute core
entities of the AMB Generali Group being assigned a rating above
the insurance market average: the great financial strength and the
strong competitive and market position of the AMB Generali Group.

The major rating factors indicated in S&P's rating rationale are the
following:

the group’s domestically unrivalled distribution and brand diversity". Other competitive advantages stated by S&P are name recognition, customer coverage and a strong distribution capacity while simultaneously the Group benefits from economies of scale. The success of management becomes evident in its ability to effectively manage the companies in combination with a profitability-oriented strategy. According to S&P "AMB Generali's earning capacity is strong and improving." The AMB Generali Group as an integral part of Assicurazioni Generali, the financially strong majority shareholder, and its central strategic role as a core entity "provide the Group with the attributes for long-term success in the German primary insurance market".

This year, the AMB Generali Group underwent its first interactive rating with its Group companies. In the rating procedure the current economic and financial position as well as the future development of the companies are analysed. The S&P analysis is more comprehensive and intensive than ratings made on the basis of published information.

With a premium income of more than EUR 12bn, the AMB Generali Group ranks
number three in the German primary insurance market. The size,
professionalism and strength of the Group as well as the fact of being part
of the Generali Group, one of the leading insurers worldwide, ensure
security and efficiency. Already today about 13.5m customers place
their trust in the companies of the AMB Generali Group.
www.amb.de