Abstract: The ratings on Helvetia Schweizerische Versicherungsgesellschaft AG and Helvetia Schweizerische Lebensversicherungsgesellschaft AG, core entities of the Switzerland-based Helvetia Insurance Group (Helvetia), reflect the group's strong operating performance and its strong diversified competitive position. These strengths are partially offset by the group's exposure to the challenging Swiss life insurance market, its moderate cost efficiency, and weakening capitalization. Helvetia has recorded a strong operating performance recently, reflected in a return on equity (ROE) of about 15% on average over the past five years. The group benefits from its focus on low-risk personal line and small and midsize enterprise (SME) business. Furthermore, Helvetia has succeeded in translating its niche position in selected European countries into strong and sustained earnings, contributing about 50% to

Brief Excerpt: RESEARCH Ratings Definitions Summary: Helvetia Insurance Group Publication date: 24-Oct-2008 Primary Credit Analyst: Rico Kutscher, Frankfurt (49) 69-33-999-199; rico_kutscher@standardandpoors.com Secondary Credit Analyst: Hiltrud...

Report Type: Summary
Ticker: HELN@SW
Issuer: Helvetia Schweizerische Versicherungsgesellschaft AG
GICS: Multi-line Insurance (40301030)
Sector: Global Issuers, Insurance
Country: Switzerland
Region: Europe, Middle East, Africa
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