Please note that the ratings covered by this full analysis apply only to core operating entities of the group, key members of which are listed below. These ratings do not apply to any noncore or unrated entities of the group. Ratings assigned to noncore entities of the group are published individually. Very strong competitive position Very strong financial flexibility Very strong capitalization Strong enterprise risk management Yet to establish a track record of sustained very strong earnings across the cycle High relative, and increasing, reliance on softer forms of capital The ratings on Zurich-based global reinsurer Swiss Reinsurance Co. and related core entities of the Swiss Re group (Swiss Re) reflect the group's very strong competitive position, very strong financial
