Zurich Insurance Co. Ltd.'s (ZIC's) solvency position remains robust, in our opinion, helping to absorb further COVID-19-related market uncertainties. Despite an expected decline in earnings in 2020, due to COVID-19 losses, profitability will likely remain comparably favorable. ZIC is also benefiting from the hardening commercial market while retaining its strongly diversified insurance operations around the globe. We are therefore affirming our 'AA-' ratings on ZIC and its related core subsidiaries. The positive outlook on ZIC and its core subsidiaries reflects that we could raise the ratings within the next 12-24 months. On Oct. 29, 2020, S&P Global Ratings affirmed its 'AA-' long-term financial strength and issuer credit ratings on Zurich Insurance Co. Ltd. (ZIC) and its core subsidiaries. The outlook
