Zurich Financial Services Group Outlook Revised To Stable On Improved Capital Base; 'AA-' Ratings Affirmed

Switzerland-based Zurich Financial Services group's (ZFS') risk-based capital adequacy has improved in our opinion to a strong level supported by strong retained earnings and the recovery in the capital markets. We are affirming our 'AA-' long-term counterparty credit and insurer financial strength ratings on Zurich Insurance Company Ltd. (ZIC) and related core subsidiaries and revising the outlook to stable from negative. The stable outlook reflects our assessment that the wider Zurich Financial Services group will defend its very strong competitive position, continue to maintain very strong profitability, and generate retained earnings at a level that will sustain strong capital adequacy. FRANKFURT (Standard&Poor's) March 31, 2010--Standard&Poor's Ratings Services said today that it had revised the outlooks on

...+ Switzerland-based Zurich Financial Services group's (ZFS') risk-based capital adequacy has improved in our opinion to a strong level supported by strong retained earnings and the recovery in the capital markets. + We are affirming our '##-' long-term counterparty credit and insurer financial strength ratings on Zurich Insurance Company Ltd. (ZIC) and related core subsidiaries and revising the outlook to stable from negative. + The stable outlook reflects our assessment that the wider Zurich Financial Services group will defend its very strong competitive position, continue to maintain very strong profitability, and generate retained earnings at a level that will sustain strong capital adequacy. FRANKFURT (Standard & Poor's) March 31, 2010--Standard & Poor's Ratings Services said today that it had revised the outlooks on the various operating entities of Switzerland-based insurance group Zurich Financial Services (collectively ZFS) to stable from negative. ZFS includes Switzerland-based...

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