...Strong Global Franchise: Zurich Insurance Group (ZIG) is one of the largest composite insurance groups in Europe, with a strong global brand. The group has a strong presence in many mature European markets and in the US, and targets emerging markets as an area of growth. `Very Strong' Capital Position: The ratings of Zurich Insurance Company Ltd (ZIC), ZIG's primary operating entity, are supported by ZIC's capitalisation, which Fitch Ratings views as more than supportive of its current ratings. ZIG scores 'very strong' in the agency's Prism factor-based capital model (Prism FBM) based on end-2014 data. Fitch recognises substantial improvements in capital adequacy since capital dipped during the financial crisis in 2008. The Swiss solvency test ratio for 2014 was 196% (2013: 217%). High Level of Intangibles: The quality of ZIC's capital is diminished by goodwill and intangibles, which together represented 23% of total equity funds at end-2014 (end-2013: 26%). Strong Operating Performance:...
