Please note that the ratings covered by this full analysis apply only to core entities of the group, 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. Sustained track record of very strong operating performance Strong management and credible corporate strategy Strong enterprise risk management Very strong competitive position High exposure to volatile industrial line business and softening market conditions Strategic challenge to achieve profitable growth 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 ZFS' sustained track record of very strong
