Following a review of Switzerland-based Zurich Insurance Co. Ltd. (ZIC) under our revised insurance criteria, we are affirming our 'AA-/A-1+' ratings on the company and its core subsidiaries. The ratings reflect our assessment of the group's very strong business profile and very strong financial risk profile, based on its globally diverse operations and very strong capital and earnings. The stable outlook reflects our view that ZIC will be able to maintain its extremely strong competitive position and very strong capital and earnings. The high share of non-life insurance, focus on protection products in life insurance, and sustainable earnings contribution from Farmers Management Services support this view. On May 22, 2013, Standard&Poor's Ratings Services affirmed its 'AA-' insurer financial
