Summary

Implications: 1.The Institutions Solvency Ratio was Flattered by a SHift in Accounting Procedures.Insurance Operations are stable. 2.The Hedging Of the Firm's Equities exposure and Regulatory Rulings on Bond losses were , to some extent , a salvation. 3.The salient problem at hand is the Insitutions "discontinued" Banking Operations. A viable issue as the Firm's Management diverted Assets to Bank Acquisitions! A Major Error! 4.The Firm's Management provides assurances of a retention of the Firm's Capitalization. 5 Cash generative property and casuality insurance products will ensure a sound capital base. "Time Sensitive Environment"!!!

Analysis

Commentary:
1.An unresolved matter: "The value base of Investments"!!
2.A measure of the insurer's Capital Strength - Adequate Funds do not appear to be eroding!
3.Alliance is , now, in a position to restate figures/earnings after the Sale of Dresdner Bank.
4.A Recovery driven by massive interest rate cuts and the economic stimuls package is a possibility. A Salvation for all Players!
5.A Major Challenge fir the Firm - A struggling Life Insurance Business.
Tough cost-cutting measures will be required for survival!!!!

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