In light of Zurich Insurance Group's weaker-than-expected profitability in its property/casualty division, unexpected reserve-strengthening measures, and the recent appointment of an interim CEO, we believe the group's consistency of strategy and management's effective execution of strategic goals has somewhat weakened. While we have revised downward our assessment of Zurich's management and governance to satisfactory from strong to reflect this, we continue to assess the group's business and financial risk profile as very strong. We are affirming our 'AA-' ratings on Zurich Insurance Co. Ltd. and its core entities. The stable outlook reflects our view that Zurich will maintain its very strong business risk and financial risk profiles. FRANKFURT (Standard&Poor's) Dec. 18, 2015--Standard&Poor's Ratings Services today affirmed
