Selection of the 'aa-' anchor is influenced by our view of Swiss Re's ongoing competitive pressure in its non-life business, which makes it difficult for Swiss Re to outperform its peers and generate sustainable profitability. Excellent franchise, being one of the top reinsurers globally. Diversified product suite across non-life and life reinsurance. Likely to remain very well capitalized, at least at the 'AA' level. Weak performance from Corporate Solutions. Exposed to natural catastrophe risk in common with its peers. Performance targets could be difficult to achieve in challenging economic, insurance, and financial market environment. The stable outlook on Swiss Re reflects our expectation that the group will maintain an excellent competitive position in life and non-life reinsurance markets. We expect
