Please note that the ratings covered by this full analysis apply only to core entities of the Zurich Financial Services group (ZFS), which are listed below. These ratings do not apply to any noncore or unrated entities of ZFS. Ratings assigned to noncore entities of ZFS are published individually. Sustained track record of very strong operating performance. Strong enterprise risk management. Very strong competitive position. Capital adequacy not yet fully commensurate with the rating. Difficulties in increasing new business in non-life insurance at the targeted rate. The ratings on the various operating entities of Switzerland-based insurance group Zurich Financial Services (ZFS), including the members of the Zurich U.S. Intercompany Pool, reflect Standard&Poor's Ratings Services' view of ZFS' very
