Challenger Financial Services Group http://www.alacrastore.com/company-snapshot/Challenger_Financial_Services_Group-2503160 Sunday, November 23, 2008 2:06:59 PM 2503160 Challenger Financial Services Group en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/624997spcred/624997normThe latest Full Report from S&P1/10/2008 4:29:26 AMFull Report400globalstructured624997AustraliaOther Diversified Financial ServicesPacificGlobal IssuersStructured FinanceCollateralized Debt ObligationsFinancial InstitutionsInsuranceFull ReportSound business diversification Strong risk-management capabilities Improving resilience of its earnings profile Concentrated exposure to property and infrastructure segments Modestly seasoned operational history Challenger Financial Services Group Ltd. (CFSG) is the parent and holding company of Challenger Life No. 2 Ltd. (Challenger Life; A/Stable/—), which is the largest operating entity for the group. The 'BBB+' rating on CFSG is two notches lower than Challenger Life, largely reflecting the holding company's structural subordination to the policyholders of Challenger Life. The diversity of CFSG's specialist business activities, its strong risk-management capabilities, and its strengthening earnings profile support the underlying creditworthiness of the group. In addition, the management team is considered strong and has progressively refined its risk appetite, operational structure, and strategyAUS40201020 402010 4020 40Challenger Financial Services Group Ltd.390422PACFULLAUSChallenger Life No. 2 Ltd.362737PACGLOBISSSTRUCCDOFIINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/624998spcred/624998normThe latest Summary from S&P1/10/2008 4:29:26 AMSummary175globalstructured624998AustraliaOther Diversified Financial ServicesPacificGlobal IssuersStructured FinanceFinancial InstitutionsInsuranceCollateralized Debt ObligationsSummaryChallenger Financial Services Group Ltd. (CFSG) is the parent and holding company of Challenger Life No. 2 Ltd. (Challenger Life; A/Stable/—), which is the largest operating entity for the group. The 'BBB+' rating on CFSG is two notches lower than Challenger Life, largely reflecting the holding company's structural subordination to the policyholders of Challenger Life. The diversity of CFSG's specialist business activities, its strong risk-management capabilities, and its strengthening earnings profile support the underlying creditworthiness of the group. In addition, the management team is considered strong and has progressively refined its risk appetite, operational structure, and strategy for the group since 2003. Offsetting these strengths is the group's material exposure to the property and infrastructure sectors. Challenger Life has aAUS40201020 402010 4020 40Challenger Financial Services Group Ltd.390422PACSUMMARYAUSChallenger Life No. 2 Ltd.362737PACGLOBISSSTRUCFIINSCDOCredit & Investment ResearchS&P Credit Research