Conning Wins Citigroup $8 Billion Insurance Asset Management Account

January 11, 2006

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

Source: Conning

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