Conning Signs Agreement with Citigroup to Manage the Assets of Its Insurance Affiliates

HARTFORD, Connecticut, January 11 /PRNewswire/ -- Conning Asset Management announced today that it has been selected to manage the assets of Citigroup's insurance affiliates, consisting of Primerica Life Insurance Company, American Health & Life Insurance and CitiFinancial International, with combined assets of approximately US$8 billion. The mandate became effective on January 1, 2006.

Coincident with this mandate, Conning will be expanding its staff by 20 employees, including Citigroup personnel and former employees of Travelers Life, who had been responsible for providing investment management-related services to the Citigroup entities. David Miller, who formerly headed the portfolio management team at Citigroup Insurance Investments, will become a managing director at Conning responsible for the Citigroup portfolios. John Calcagni will head Conning's investment accounting and reporting team, having formerly held the same position at Citigroup Insurance Investments. Additional new staff will expand Conning's expertise in high yield, emerging market and private placement bonds. These additions will enhance Conning's ability to offer an expanding suite of product offerings.

Conning's CEO, Sal Correnti, commented, "We are very excited about this mandate and the addition of talented staff and new capabilities that will strengthen Conning's value proposition."

Conning is a wholly-owned subsidiary of Swiss Re. Conning's assets under management have grown from US$23 billion in 2001, when it was acquired by Swiss Re, to approximately US$62 billion inclusive of this mandate.

Conning

Conning Asset Management is a client-focused, global investment manager. As a global third-party insurance asset manager, Conning offers three core investment management services: (1) a broad array of portfolio management offerings focused on fixed income, (2) insurance ALM advisory, including strategic asset allocation, and (3) comprehensive investment accounting and financial reporting services.

Additionally, Conning provides life and health, as well as property and casualty insurance industry strategic insights and forecasts, in addition to customized strategic financial analysis. The company is headquartered in Hartford, Connecticut, with additional offices in London and Dublin.

Primerica Financial Services

Primerica Financial Services, headquartered in Duluth, Georgia, is the largest financial services marketing organization in North America, with more than 100,000 licensed independent representatives. The company provides to its 6 million clients quality financial products and services, including term life insurance, mutual funds, variable annuities, loans and long-term care insurance. Primerica conducts business in the US, Canada, and Puerto Rico; the company also operates in Spain as Citisoluciones and in the United Kingdom as Citisolutions.

Primerica and its affiliate companies are subsidiaries of Citigroup (NYSE: C), the leading global financial services company with some 200 million-customer accounts in approximately 100 countries. Along with Primerica, other major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Smith Barney, and Banamex.

Additional information about Primerica and Citigroup is available on their respective web sites: (http://www.primerica.com) and ( http://www.citigroup.com).

Swiss Re

Swiss Re is one of the world's leading reinsurers and the world's largest life and health reinsurer. The company operates through more than 70 offices in over 30 countries. Swiss Re has been in the reinsurance business since its foundation in Zurich, Switzerland, in 1863. Swiss Re offers a wide variety of products to manage capital and risk. Traditional reinsurance products, including a broad range of property and casualty as well as life and health covers and related services, are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management.

Swiss Re currently has the following ratings: (i) from Standard & Poor's: long-term counterparty credit, financial strength and senior unsecured debt ratings of "AA (CreditWatch negative)", and a short-term counterparty credit rating of "A-1+", (ii) from Moody's: insurance financial strength and senior debt ratings of "Aa2" (on review for possible downgrade), and a short-term rating of "P-1" and (iii) from A.M. Best: a financial strength rating of A+ (superior) (under review with negative implications).

Cautionary note on forward-looking statements

Certain statements contained herein are forward-looking. These statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact. Forward-looking statements typically are identified by words or phrases such as "anticipate," "assume," "believe," "continue," "estimate," "expect," "foresee," "intend," "may increase" and "may fluctuate" and similar expressions or by future or conditional verbs such as "will," "should," "would" and "could." These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause Swiss Re's actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed or implied by such statements. Such factors include, among others:

- the impact of future investments, acquisitions or dispositions, and any delays, unexpected costs or other issues experienced in connection with any such transaction, including the ability to efficiently and effectively integrate the GE Insurance Solutions operations into our own; - cyclicality of the reinsurance industry; - changes in general economic conditions, particularly in our core markets; - uncertainties in estimating reserves; - the performance of financial markets; - expected changes in our investment results as a result of the changed composition of our investment assets or changes in our investment policy; - the frequency, severity and development of insured claim events; - acts of terrorism and acts of war; - mortality and morbidity experience; - policy renewal and lapse rates; - changes in rating agency policies or practices; - the lowering or withdrawal of one or more of the financial strength or credit ratings of one or more of our subsidiaries; - changes in levels of interest rates; - political risks in the countries in which we operate or in which we insure risks; - extraordinary events affecting our clients, such as bankruptcies and liquidations; - risks associated with implementing our business strategies; - changes in currency exchange rates; - changes in laws and regulations, including changes in accounting standards and taxation requirements; and changes in competitive pressures.

These factors are not exhaustive. We operate in a continually changing environment and new risks emerge continually. Readers are cautioned not to place undue reliance on forward-looking statements. We undertake no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact: Anne Steinberg or Greg Jones Kitchen Public Relations, LLC +1-212-687-8999 anne@kitchenpr.com or gjones@kitchenpr.com Web site: http://www.conning.com/asset http://www.primerica.com http://www.citigroup.com