Contents
Investment case 3
Changes in recommendation 6
Solvency is not the problem 10
Life & health 11
Property and casualty 25
Investment assets 31
Companies 35
Allianz......36
Aviva.........40
AXA .....44
Generali...48
Irish Life & Permanent  52
egal & General ..56
Munich Re ....60
Prudential 66
RSA.70
Standard Life .74
Swiss Reinsurance.78
Zurich Financial ...82
Disclosures Appendix 86