Strong and improving operating performance Strong operational management Very strong competitive position Strong capitalization Unsatisfactory operating performance of the U.S. operation Strategic challenge to achieve meaningful growth while maintaining a strong risk and earnings profile The ratings on the various operating entities of Switzerland-based insurance group Zurich Financial Services (collectively ZFS), including the members of the Zurich U.S. Intercompany Pool (ZUS), reflect the major and sustained improvement in ZFS' operating performance and management's commitment to further operational improvements, combined with a track record of successfully implemented efficiency improvements and further enhanced risk-management capabilities. Standard&Poor's Ratings Services believes that ZFS' overall reserve position is adequate and represents a further factor supporting the ratings. In addition, the ratings on ZFS
