Rating agencies remain negative about 2010

Despite a level A financial soundness, the perspectives of the insurance business remain negative. Life and non-life classes of business both raise the same concerns at the level of technical profitability. The average combined ratio in life insurance was close to 100% in 2008. Specialists are expecting a deterioration of this ratio in 2009. With an unfavorable economic situation arising in 2010, insurers will not be able to increase tariffs in a significant way, which is not going to improve the technical profitability. Solvency in life insurance is also worrisome.