FRANKFURT (S&P Global Ratings) Jan. 7, 2022--S&P Global Ratings today assigned its 'A+' long-term issue rating to the Swiss franc-denominated, dated, junior subordinated notes to be issued by Zurich Insurance Co. Ltd. (ZIC; AA/Stable/A-1+) under its $18 billion euro medium-term note program. The rating is subject to our review of the final terms and conditions. We expect to classify the notes as having intermediate equity content. The issue rating on the proposed notes is two notches below our long-term issuer credit rating on ZIC. This reflects our standard approach for rating subordinated debt issues. The regulatory solvency ratio measured by the Swiss Solvency Test of the consolidated group stood at 203% as of Sept. 30, 2021. We therefore consider the
