Please note that the ratings covered by this full analysis apply only to core operating entities of the group, key members of which are listed below. These ratings do not apply to any noncore or unrated entities of the group. Ratings assigned to noncore entities of the group are published individually. Very strong, and resilient, competitive position. Very strong capitalization. Strong underlying operating performance, albeit obscured somewhat by noise caused by ongoing derisking initiatives. Somewhat constrained prospective financial flexibility as a result of the capital depletion seen during 2008. Continued high, albeit decreasing, relative level of exposure to financial risk. The ratings on Zurich-based global reinsurer Swiss Reinsurance Company Ltd. and related core entities of the Swiss Re group (Swiss
