We believe Zurich Insurance Co. Ltd. (ZIC) has improved its balance sheet's resilience and capital-allocation discipline. We see consistently strong and resilient operating performance, now among the strongest among global multiline insurers (GMI) peers, and the group retains robust capital position despite COVID-19-related stress. We are therefore raising our ratings on ZIC's core operating entities to 'AA' from 'AA-' and on strategic entity Zurich Australia to 'AA-' from 'A+'. The outlook is stable because we expect ZIC to continue generating earnings comparable with those of leaders in the GMI peer group while safeguarding its very strong capital adequacy and healthy balance sheet. On March 15, 2021, S&P Global Ratings raised its long-term issuer credit and financial strength ratings on Zurich
