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. Strong underlying operating performance. Still-high financial risk exposure and limits. Financial flexibility yet to be fully restored. The ratings on Zurich-based global reinsurer Swiss Reinsurance Company Ltd. and related core entities of the Swiss Re group (Swiss Re or the group) reflect the group's very strong competitive position, very strong capitalization, and strong underlying operating performance. They are constrained by the still-high
