Zurich Insurance Co. Ltd. has a globally diverse product offering, supported by capital adequacy in the 'AA' level, and management fee income from its Farmers Management Services supporting relatively low earnings volatility. The group displays somewhat lower exposure to traditional life insurance than some of its European peers. We are affirming our 'AA-' ratings on Zurich Insurance Co. Ltd.'s subsidiaries. The outlook is stable. On July 26, 2019, S&P Global Ratings affirmed its 'AA-' long-term insurer financial strength and issuer credit ratings on the core subsidiaries of Global Multiline Insurer (GMI) Zurich Insurance Co. Ltd. (Zurich). The outlook is stable. We have affirmed our ratings on all outstanding hybrids and debt instruments of the Zurich group. The stable outlook reflects
