The ratings on Zurich-based global reinsurer Swiss Reinsurance Company Ltd. (Swiss Re or the group) reflect the group's very strong competitive position, very strong capitalization, and very strong non-life operating performance. They are constrained by Standard&Poor's Ratings Services' view that Swiss Re has yet to fully restore its financial flexibility and that the group's life operating performance has exhibited some volatility and has not contributed to group profitability on the same scale as the non-life segment. We believe the group continues to maintain its very strong competitive position in the market. Swiss Re continues to be a market leader in the life reinsurance and insurance-linked securities (ILS) markets, and has maintained prudent cycle management in the non-life lines,
