S&P Rating Actions Taken on European Companies

The “AA+” long-term counterparty credit and insurer financial strength ratings on Zurich Insurance Co. were affirmed by S&P. The affirmation comes in the wake of the Switzerland-based company’s announced intention of simplifying its dual Anglo-Swiss holding company structure into a single Zurich-based holding company.

S&P assigned its “AA-“/”A-1+” foreign and local currency counterparty credit ratings to the Netherland’s ING Groep N.V. (ING Group). S&P’s “AA-“/”A-1+” senior unsecured debt ratings and “A+”
subordinated debt rating to the Euro Medium-Term Note Program (issued by ING Group) was also assigned. Ratings on the preferred shares issued by ING Capital Funding Trust I (guaranteed by ING Group) were affirmed. The outlook is stable.

The outlook on the core entities of the Hannover Reinsurance Group (Hannover Re) was revised by S&P to negative from stable, reflecting ongoing concerns with respect to the group’s risk-based capitalization.