Switzerland-Based Global Multiline Insurer Zurich Insurance Co. Ltd. 'AA-' Rating Affirmed; Outlook Stable

Zurich Insurance Co. Ltd's (Zurich's) operating performance and earnings prospects have improved after volatile results in 2015, supporting the group's capital. We believe the group has successfully demonstrated its ability to deliver on its strategic plan, and in our base case include return on equity of about 10% in 2018-2020, as well as net income of over $3 billion. We are therefore affirming our 'AA-' ratings on Zurich and its core operating subsidiaries. The stable outlook reflects our view that the group's diversification over the next two years will allow it to post solid earnings, in line with our base-case assumption, and that its risk tolerance policies will continue to favor comfortable capital buffers within the very strong capital adequacy

...+ Zurich Insurance Co. Ltd's (Zurich's) operating performance and earnings prospects have improved after volatile results in 2015, supporting the group's capital. + We believe the group has successfully demonstrated its ability to deliver on its strategic plan, and in our base case include return on equity of about 10% in 2018-2020, as well as net income of over $3 billion. + We are therefore affirming our '##-' ratings on Zurich and its core operating subsidiaries. + The stable outlook reflects our view that the group's diversification over the next two years will allow it to post solid earnings, in line with our base-case assumption, and that its risk tolerance policies will continue to favor comfortable capital buffers within the very strong capital adequacy range. FRANKFURT (S&P Global Ratings) Oct. 2, 2018--S&P Global Ratings today affirmed its '##-' long-term issuer credit and insurer financial strengths ratings on Switzerland-based multiline insurer Zurich Insurance Co. Ltd. (Zurich)...

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