AM Best upgrades long-term credit rating of Zurich and its subsidiaries

AM Best has revised upwards the long-term credit rating of Zurich Insurance Group and its main subsidiaries from “aa-” to “aa”. The “A+” financial strength rating was confirmed by the agency.

AM Best has also raised the long-term credit rating of Zurich, a non-operating holding company, from “a” to “a+”.

The outlook for the Group's and the Holding's financial strength rating remains stable, while the outlook for the long-term credit rating has been upgraded from positive to stable.

This decision reflects the continued resilience of the Zurich Group's balance sheet, underpinned by good financial flexibility and solid operating results.

The company's actions in terms of pricing, risk selection and management of exposure to natural catastrophes have had a positive impact on the performance and volatility of its non-life portfolio.

The rating also recognizes Zurich Insurance's strong operating performance, evidenced by a robust combined ratio of 94.5% and 24% growth in life premiums in 2023.

AM Best also believes that Zurich, one of the world's largest insurers, maintains strong competitive positions in Europe and the USA, a strong presence in Latin America and selective positions in Asia-Pacific.