1%) while the market reported a canada goose uk black friday

Fitch affirms Volkswohl Bund Lebensversicherung a

(VBL) Insurer Financial Strength (IFS) rating at with a Stable Outlook.

The rating reflects VBL strong capitalisation, investment earnings, and canada goose coats on sale business position within the independent financial advisors (IFAs) and sales organisations markets, strong gross written premium (GWP) growth, and sound expense Canada Goose Coats On Sale ratios. Negative rating drivers are the low level of diversification canada goose black friday sale in terms of geography and distribution channels.

VBL shareholders funds increased to EUR91.8m from EUR76.8m in 2010. The company free fund for future appropriation, including terminal bonus funds, significantly increased to EUR499.0m canada goose clearance sale in 2010 (2009: EUR441.4m). Fitch expects stable development in 2011. The agency cheap Canada Goose believes capitalisation will remain very strong, on the basis of its risk adjusted assessment, as well as the Canada Goose Parka regulatory solvency ratios.

VBL achieved a net investment return rate (NIRR) of 4.7% canada goose clearance in 2010 (2009: 5.1%) while the market reported a canada goose uk black friday NIRR of 4.3% (2009: 4.2%). The decrease was partly driven by the low interest yield environment and the fact that VBL had to write up values of certain investments at the end of the Canada Goose sale prior year, which supported the stronger performance of its investment portfolio in 2009. Within the actual capital market environment, Fitch buy canada goose jacket cheap expects that VBL 2011 NIRR will reduce, but will be above the market average.

VBL continues to generate strong operating cash flows, reducing liquidity risk. Expense and mortality profits have been consistently strong. In 2010, VBL administration expense ratio was 2.0% and the acquisition expense ratio was 5.0%, better canada goose factory sale than the market Canada Goose online averages of 2.4% and 5.1%, respectively. Fitch expects canada goose store VBL 2011 canada goose administration expense ratio to be better than the market average.

VBL primarily serves sales organisations and IFAs. Also, geographical diversification is low as VBL operates in Germany only.

Given canadian goose jacket VBL current uk canada goose rating level, Fitch views an upgrade of the rating as unlikely in the near to mid term as the uk canada goose outlet level canada goose coats of cheap canada goose uk VBL diversification in terms of Canada Goose Jackets geography and Canada Goose Outlet distribution channels constrains VBL credit profile. Key rating drivers for a downgrade include deteriorated capital position with a solvency margin below of 170%, weakened market position and decline in GWP.

VBL is the holding company of the Volkswohl Bund group. It has the legal form of a mutual and is Volkswohl Bund group buy canada goose jacket most important operating entity, with Canada Goose Online total assets of EUR7.7bn, equating to 99% of the group total in 2010. The company focuses on life insurance for private customers and canada goose uk outlet small and medium sized online website https://www.salecanadagooseoutlets.com Canada Goose UK enterprises in Germany. VBL generated GWP of EUR1.2bn and its non life subsidiary Volkswohl Bund Sachversicherung AG generated GWP of canada goose uk shop EUR72.2m in 2010.

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