Extremely strong competitive position on the back of wide geographic and product diversity. Farmers Management Services' fee income is an important earnings diversifier within the business risk profile. Intermediate insurance industry and country risks reflecting the globally diverse portfolio, with risks 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 2016-2018, which should be sufficient to finance dividend plans. Following our review of Zurich's economic capital model, which we assess as good, we factor in quantitative credit in our overall assessment of the group's very strong capital adequacy. Strong financial flexibility based on
