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TEXT-S&P affirms then drops 'A+' rating on German insurer DAV

(The following statement was released by the rating agency)

Oct 09 - Rating Action

On Oct. 9, 2012, Standard & Poor's Ratings Services affirmed its 'A+' ratingon German insurer Deutsche Aerzteversicherung AG (DAV). We subsequentlywithdrew the rating at the issuer's request.

Rationale

The affirmation reflects our view of the company's strategic importance to theAXA group (core operating entities rated AA-/Negative/--), its goodcompetitive position as an insurer for the medical professions, and itswell-established brand. These strengths are partly offset, in our opinion, byconcentration risk owing to the group's focus on one client segment in onecountry, and by DAV's modest capitalization.

The company has requested that we withdraw the rating. Related Criteria And Research

-- General Criteria: Understanding Standard & Poor's Rating Definitions,June 3, 2009

-- General Criteria: Principles Of Credit Ratings, Feb. 16, 2011 -- General Criteria: Methodology: Credit Stability Criteria, May 3, 2010 -- Evaluating Insurers' Competitive Positions, April 22, 2009

-- Management And Corporate Strategy Of Insurers: Methodology AndAssumptions, Jan. 20, 2011

-- Refined Methodology And Assumptions For Analyzing Insurer CapitalAdequacy Using The Risk-Based Insurance Capital Model, June 7, 2010

-- Investments, April 22, 2009 -- Holding Company Analysis, June 11, 2009 -- Financial Flexibility, April 22, 2009 -- Use Of CreditWatch And Outlooks, Sept. 14, 2009 Ratings List Ratings Affirmed and Withdrawn To From Deutsche Aerzteversicherung AG Counterparty Credit Rating Local Currency NR A+/Negative/-- Financial Strength Rating Local Currency NR A+/Negative/-- ((Bangalore Ratings Team, Hotline: +91 80 41355898, Bhanu.priya@thomsonreuters.com,Group id: BangaloreRatings@thomsonreuters.com,Reuters Messaging: Bhanu.Priya.reuters.com@reuters.net))