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 capitalization. Very strong non-life operating performance. Life operating performance is more volatile and less significant relative to non-life segment. Frequent changes at the executive management level over last two years. The ratings on Zurich-based global reinsurer Swiss Reinsurance Company Ltd. and the associated core entities (Swiss Re or the group) reflect the group's very strong competitive position, very strong capitalization, and very strong
