The arms are those of Carlo Albani (1688-1724) and Theresia Borromeo. The Albani family were among the most prominent of Italian families in the 17th and 18th centuries. Carlo Albani, Duke of Soriano and a prince of the Holy Roman Empire came from Urbino. In 1721 Pope Innocent XIII appointed him Principe del Soglio. In 1713 he married Theresia Borromeo, daughter of the viceroy of Naples, Carlo Borromeo, and his wife Camilla Barberini. Carlo Albani died in 1724 therefore it seems that the Meissen service, dated 1730-35, was produced for his widow. Annibale Albani, Carlo's brother and, later, cardinal and cousin of the Pope, accompanied the 16 year old Friedrich Augustus II of Saxony during his trip to Italy, and thus developed a long-standing relationship between the two houses.
For a beaker and saucer from the same service in the Museum für Kunst und Gewerbe, Hamburg, see '18th Century Meissen porcelain, The Hoffmeister Collection' Catalogue (Hamburg, 2000), p. 478, no. 307 and p. 648.
(Left, detail of the figures on the reverse of the beaker)