Global diversification over different lines and regions including some top market positions in significant insurance markets. Non-life insurance emphasis with life insurance focused on the unit-linked business, supporting the competitive position given the background of challenges from ongoing low interest rates. Farmers Management Services (FMS) fee income is a material earnings diversifier. Capital adequacy currently and prospectively within the 'AA' range despite a high dividend payout. We assign some capital credit to ZIC's good internal model. Strong financial flexibility as an active capital markets player with a strong track record in equity and debt markets. ZIC displays exceptional liquidity owing to its highly liquid asset portfolio. We consider the enterprise risk management (ERM) framework for Zurich as very strong, reflecting
