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Announcement:

Moody's places Zurich Insurance Company ratings (A1 IFSR) on review for possible upgrade

18 Oct 2010

London, 18 October 2010 -- Moody's Investors Service announced today that it had placed on review for possible upgrade the insurance financial strength rating (A1) and debt ratings (A2 senior, A3 subordinated, Baa1 preferred) of Zurich Insurance Company Ltd (ZIC), and associated ratings listed below.

The rating agency said that the rating review follows the improvement in the credit profile of the Zurich Group (Zurich), especially with regard to capital adequacy, financial flexibility, high risk assets, and business diversification, whilst producing very good operating performance in recent times and maintaining an excellent market position.

The Group's solvency position has improved meaningfully in recent times on both an economic and statutory basis. Its economic solvency ratio, which is calibrated at a 99.95% confidence level, at H1 10 was estimated at 124% compared to an internal target range of 110-120%, and it has also filed with the Swiss regulator a Swiss Solvency Test (SST) ratio in excess of 200%.

The Group's financial flexibility has also improved. YE09 adjusted financial leverage stood at 25%, marking a meaningful decrease from the YE08 figure of 30%, primarily due to a large increase in shareholders' equity. Total leverage also decreased to 38% (YE08: 42%), and 2009 earnings cover increased to 7.0x (YE08: 6.4x) with coverage on a five year average basis very good at 8.4x. The Group's very good access to capital markets was also demonstrated during 2009 by the $1.1bn equity raise, and a number of senior and more junior financial debt transactions. With regard to asset quality, the proportion of high risk assets to equity decreased to 63% (YE08: 78%) with Zurich's investment portfolio viewed as relatively conservative.

Notwithstanding difficult investment conditions, and losses from non-core operations including Zurich Bank, Zurich's recent return on capital (ROC) and business operating performance has been very good. The Group's ROC for 2008 and 2009 was 8.5% with an average from 2005-2009 of around 11.5%, and on a Business Operating Profit (BOP) basis -- an internal measure used by Zurich which indicates underlying performance- return on equity for 2008 and 2009 was around 17% compared to a cross-cycle target of 16%. Furthermore, Moody's sees a reduced risk in the future of material losses emanating from the Group's non-core activities.

Zurich's business profile remains excellent. It is a major European insurance player with a strong market position in a broad range of countries, including the U.S., and a strong brand reach, although it lacks a top tier status in some important European markets. Furthermore, the Group benefits from excellent business and geographic diversification, and although the overall business remains orientated towards P&C risk (67% of GWP and policy fees at YE09) , the balance between life and non-life is improving.

The rating agency said that its review for possible upgrade would concentrate on the Group's ability to sustain the improvement in its credit profile, and in particular on the Group's prospective economic and regulatory capital and financial flexibility position, together with cross-cycle profit potential. Moody's indicated that in the event the review process resulted in an upgrade of Zurich's ratings, such upgrade would highly likely be limited to one notch.

Moody's has also placed, inter alia, on review for possible upgrade the ratings of the Group's UK and German Life subsidiaries, Zurich Assurance Ltd (A2 IFSR) and Zurich Deutscher Herold Lebensverischerung (A1 IFSR), together with the ratings of the Farmers Insurance Group (A2 IFSR). These ratings all benefit to varying degrees from explicit and/or implied support from Zurich. As part of its review process Moody's will evaluate this support prospectively to help determine whether these ratings should receive further uplift in the event of ZIC's ratings being upgraded.

Additionally, Moody's affirmed with a stable outlook the A3 IFSR of Kemper Investors Life Insurance Company (KILICO). The rating affirmation and stable outlook were driven by ZIC's continued support of KILICO whose liabilities have been largely in runoff since 2003. However, the large unrealized loss position on KILICO's USD10 bn BOLI (bank-owned life insurance) portfolio is very credit sensitive and could lead to a greater dependence on parent resources in a stressed economic environment.

The following ratings were placed on review for possible upgrade:

Zurich Insurance Company Ltd- A1 insurance financial strength rating;

Zurich Insurance Company Ltd and guaranteed EMTN issuers- A2 senior unsecured debt, A3 subordinated debt, Baa1 capital note;

Zurich Insurance Company Ltd- (P) A3 and (P) Baa1 EMTN Programme Type A Capital Notes, (P) Baa1 and (P) Baa2 EMTN Programme Type B Capital Notes;

Zurich RegCaPS Funding Trust II, V & VI: Baa1 preferred stock rating;

Zurich Finance (USA) Trusts I- V: Baa1 preferred stock rating;

Zurich Assurance Ltd: A2 insurance financial strength rating;

Zurich Deutscher Herold Lebensverischerung AG: A1 insurance financial strength rating;

ZC Specialty Insurance Company: A2 insurance financial strength rating;

Centre Reinsurance (US) Ltd: A2 insurance financial strength rating;

Zurich Capital Markets Inc: A1 issuer rating;

ZCM Matched Funding Corp: A1 Issuer rating;

Espial Ventures Limited: A1 senior secured debt rating;

Capstone Investments Limited: A1 senior secured debt rating;

Argus Ventures Limited: A1 senior secured debt rating;

Vista Investments Limited: A1 senior secured debt rating;

Farmers Insurance Exchange: A2 insurance financial strength rating, Baa2 surplus notes;

Farmers Insurance Company of Oregon: A2 insurance financial strength rating;

Truck Insurance Exchange: A2 insurance financial strength rating;

Fire Insurance Exchange: A2 insurance financial strength rating;

Farmers Exchange Capital: Baa2 surplus notes;

Zurich Bank: A1 long-term bank deposit rating, (P)A2 guaranteed senior debt EMTN programme rating

The following rating was affirmed with a stable outlook:

Kemper Investors Life Insurance Company: A3 insurance financial strength rating.

The following ratings were affirmed:

ZCM Matched Funding Corp: P-1 short-term issuer rating;

Zurich Bank: P-1 short-term bank deposit rating, D- (negative outlook) bank financial strength rating

Based in Zurich, Switzerland, Zurich Financial Services (ZFS) reported gross written premiums and policy fees of USD 53.8 billion and total equity of USD 34 billion as of December 31, 2009.

Moody's last rating action on ZIC occurred on 17 April 2009 when the ratings were affirmed with a stable outlook.

The principal methodologies used in rating ZIC were Moody's Global Rating Methodology for Property and Casualty Insurers and Moody's Global Rating Methodology for Life Insurers, both published in May 2010 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

London
Simon Harris
MD - Financial Institutions
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Dominic Simpson
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom

Moody's places Zurich Insurance Company ratings (A1 IFSR) on review for possible upgrade
No Related Data.
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