In the diagram above, the financial strength rating applies to Zurich Insurance Co. Ltd. Global diversification over different lines and regions with top market positions in some significant insurance markets. Strong earnings diversification via fee income from Farmers Management Services (FMS). Very well capitalized under both an S&P Global Ratings-adjusted (at the 'AA' level) and regulatory basis, backed by strong financial flexibility. Operating performance is improving gradually, backed by efficiency gains and restructuring since 2015, but a track record of sustainable operating performance still needs to be demonstrated. Still relatively higher exposure to U.S. long-tail lines versus peers. S&P Global Ratings' issuer credit and financial strength ratings on Zurich Insurance Co. Ltd. (Zurich) reflect the group's global market presence, its
