024 Since 1999, companies of the AMB Generali Group have been rated on an interactive basis. In 2005, the whole AMB Generali Group was rated for the first time by S&P. All companies regarded by S&P as core enti- ties were assigned an AA rating, which currently is the best rating granted by S&P to German primary insur- ers. The financial strength of the following companies achieved an AA rating ("excellent") from S&P: · AachenMünchener Lebensversicherung AG · AachenMünchener Versicherung AG · Advocard Rechtsschutzversicherung AG · AMB Generali Pensionskasse AG · Central Krankenversicherung AG · Cosmos Lebensversicherungs-AG · Cosmos Versicherung AG · Envivas Krankenversicherung AG · Generali Lebensversicherung AG · Generali Versicherung AG · Volksfürsorge Deutsche Lebensversicherung AG · Volksfürsorge Deutsche Sachversicherung AG All these S&P ratings have a stable outlook. In addition to the insurance companies of the AMB Generali Group, Deutsche Bausparkasse Badenia AG was assigned an A rating by S&P, also with a stable outlook. Given the currently difficult market environ- ment for building societies, it is all the more positive that the strategic reorientation and successful restruc- turing of Badenia in conjunction with consistent cost cuts are appreciated by the rating agency. The AMB Generali Group decided last year to complement the analyses of S&P by means of fur- ther ratings from the two agencies FitchRatings and Moody's Investors Service, which are of internation- al renown, and to submit itself to additional expert analysis. The AMB Generali Group now has interactive ratings from all important agencies worldwide, each having a different individual focus in their analyses. As a result of the Fitch rating process, AMB Generali Holding AG and the companies of the Group's four core brands AachenMünchener, Volksfürsorge, Generali and Cosmos, as well as, in addition, Central Krankenversicherung as operating companies of the AMB Generali Group were assigned a "very strong" AA rating. One major reason for the above-average rating level granted by Fitch is the multi-distribution focus of the companies in conjunction with improved cost efficiency and the Group's increasing profitability. According to the Fitch rating experts the AMB Generali Group is very well positioned, thanks to its strategic Ratings of the AMB Generali Group · Following Standard & Poor's (S&P), which for years has assigned an AA rating ("excellent") to the core companies of the AMB Generali Group, FitchRatings and Moody's Investors Service have also granted top ratings to the AMB Generali Group in 2007. · With these three outstanding results under interactive financial strength ratings the companies of the AMB Generali Group underline their top position in the German market. Chap. 1 MANAGEMENT RATINGS Top ratings from all agencies of internation- al renown confirm the Group's soundness and efficiency