Zurich exceeds solvency requirements, demonstrating balance sheet strength
A new regulatory report published today shows Zurich’s Swiss Solvency Test ratio at 216 percent, well in excess of requirements, demonstrating the strength of Zurich’s balance sheet.
The Financial Condition Report 2017 of Zurich Insurance Group (Zurich) has been published today on Zurich’s website. The report is a new regulatory disclosure required by the Swiss Financial Market Supervisory Authority (FINMA) to give the general public an overview of the financial strength of the insurance companies. It includes business performance, governance, Zurich’s risk profile, valuation for solvency purposes and a description of how we manage capital.
George Quinn, Group Chief Financial Officer, said of the report, which will be published annually: “We are very supportive of any disclosure that improves transparency, helping customers to choose a reputable and financially sound company. Zurich is fully compliant with the solvency requirements of FINMA, and even exceeds these requirements. Good corporate governance enables Zurich to create sustainable value for its shareholders, customers, employees and other stakeholders.”
The Group maintained its strong financial ratings in 2017. As of December 31, 2017, 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+ (Superior)/Stable’ by A.M. Best.
As of January 1, 2018 the report shows Zurich’s Swiss Solvency Test ratio at 216 percent1, well in excess of solvency requirements, demonstrating the strength of Zurich’s balance sheet.
1 The Swiss Solvency Test (SST) ratio as of January 1, 2018 is calculated based on the Group’s internal model, which is subject to the review and approval of FINMA. The full year ratio is filed with FINMA and is subject to its approval.
Further information
Please find the Zurich’s Financial Condition Report 2017 report here: https://www.zurich.com/en/investor-relations/results-and-reports/other-statutory-filings
Downloads
Contacts
- Media Relations
- Investor Relations
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 53,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.
Disclaimer and cautionary statement
Certain statements in this document are forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives of Zurich Insurance Group Ltd or the Zurich Insurance Group (the Group). Forward-looking statements include statements regarding the Group’s targeted profit, return on equity targets, expenses, pricing conditions, dividend policy and underwriting and claims results, as well as statements regarding the Group’s understanding of general economic, financial and insurance market conditions and expected developments. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and plans and objectives of Zurich Insurance Group Ltd or the Group to differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in key markets; (ii) the risk of a global economic downturn, in the financial services industries in particular; (iii) performance of financial markets; (iv) levels of interest rates and currency exchange rates; (v) frequency, severity and development of insured claims events; (vi) mortality and morbidity experience; (vii) policy renewal and lapse rates; and (viii) changes in laws and regulations and in the policies of regulators may have a direct bearing on the results of operations of Zurich Insurance Group Ltd and its Group and on whether the targets will be achieved. Zurich Insurance Group Ltd undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.
All references to “Farmers Exchanges” mean Farmers Insurance Exchange, Fire Insurance Exchange, Truck Insurance Exchange and their subsidiaries and affiliates. The three Exchanges are California domiciled inter-insurance exchanges owned by their policyholders with governance oversight by their Boards of Governors. Farmers Group, Inc. and its subsidiaries are appointed as the attorneys-in-fact for the Farmers Exchanges and in that capacity provide certain non-claims administrative and management services to the Farmers Exchanges. Neither Farmers Group, Inc., nor its parent companies, Zurich Insurance Company Ltd and Zurich Insurance Group Ltd, have any ownership interest in the Farmers Exchanges. Financial information about the Farmers Exchanges is proprietary to the Farmers Exchanges, but is provided to support an understanding of the performance of Farmers Group, Inc. and Farmers Reinsurance Company.
It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of full year results.
Persons requiring advice should consult an independent adviser.
This communication does not constitute an offer or an invitation for the sale or purchase of securities in any jurisdiction.
THIS COMMUNICATION DOES NOT CONTAIN AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES; SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR EXEMPTION FROM REGISTRATION, AND ANY PUBLIC OFFERING OF SECURITIES TO BE MADE IN THE UNITED STATES WILL BE MADE BY MEANS OF A PROSPECTUS THAT MAY BE OBTAINED FROM THE ISSUER AND THAT WILL CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND MANAGEMENT, AS WELL AS FINANCIAL STATEMENTS.