S&P upgrades Zurich Insurance's rating

S&P Global Ratings has upgraded the long-term financial strength and credit ratings of Zurich Insurance and its main subsidiaries from " AA- " to " AA ".

The agency has also upgraded the rating of the group's Australian subsidiary, Australian Insurance, from "A+" to "AA-".

S&P recognizes the soundness of the Swiss group's financial performance.

The outlook has been downgraded by one notch from positive to stable. S&P expects Zurich Insurance to continue to generate solid profits while maintaining a strong capital and a healthy balance sheet.