Extremely strong competitive position, from wide geographic and product diversity. Farmers Management Services' fee income is an important diversifier for the business risk profile. Intermediate insurance industry and country risks reflecting the globally diverse portfolio with some risks arising from potential jumps in inflation affecting the group's long-tail lines of business such as casualty insurance. Very strong capital and earnings based on expected capital adequacy in the 'AA' range, supported by strong earnings generation in 2015-2017, which should be sufficient to finance dividend and potential capital deployment plans. Following our review of Zurich's economic capital model, we factor in quantitative credit in our overall assessment of the group's very strong capital adequacy. Strong financial flexibility based on proven capital market
