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Zurich in excellent financial condition, exceeds solvency requirements
Zurich Insurance Group (Zurich) has published its Financial Condition Report 2018, which highlights once more the Group’s financial strength and excellent balance sheet.
- Swiss Solvency Test ratio as per January 1, 2019 at 221 percent, well in excess of regulatory requirements
- Strong balance sheet as a result of disciplined capital management
- Zurich is well placed to further drive its customer-led strategy and to create value for its stakeholders
- Zurich maintained its strong credit ratings, including Standard and Poor’s “AA–/stable”
As of January 1, 2019, Zurich’s Swiss Solvency Test ratio stood at 221 percent1, up from 216 percent one year earlier. This is well in excess of solvency requirements, demonstrating the continued strength of Zurich’s balance sheet and reflecting the disciplined capital management of recent years.
“Our capital management strategy is working. In 2018 we continued to reallocate capital from non-core areas to strengthen our business in key geographies,” said George Quinn, Group Chief Financial Officer. “Our financial strength allows us to deliver attractive returns to our shareholders, while allowing us to deliver our customer-led strategy as well as create sustainable value for customers, employees and other stakeholders.”
The Financial Condition Report is a regulatory disclosure required by law and specified by the Swiss Financial Market Supervisory Authority (FINMA) and provides comprehensive information about the solvency and financial strength of the Group. It includes information about business performance, governance, Zurich’s risk profile, valuation for solvency purposes and a description of how the Group manages capital.
The Group maintained its strong credit ratings in 2018. As of December 31, 2018, the insurance financial strength rating of Zurich Insurance Company Ltd, the main operating entity of Zurich, was judged “AA–/stable” by Standard and Poor’s, “Aa3/stable” by Moody’s, and “A+/stable” by A.M. Best.
1 The Swiss Solvency Test (SST) ratio as of January 1, 2019, is calculated based on the Group’s internal model, which is subject to the review and approval of the Swiss Financial Market Supervisory Authority (FINMA). The full year ratio is filed with FINMA and is subject to its approval.
To download Zurich’s Financial Condition Report 2018 report click the link below…..
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