Moody's Investors Service has announced that it has placed the insurance financial strength rating of Zurich Insurance
Company (ZIC) of A2, its' senior debt rating of Baa1, and its' subordinated debt rating of Baa2 on review for possible upgrade.
Moody's said that the profitability of Zurich Financial Services (ZFS) improved substantially in 2004 and in the first half of 2005, with the combined ratio having reached 96.9% and life new business margin 10.9%.
Moody's also noted the successful completion of the disposals programme, a major improvement in the Group's
reserving position following reserving action in North America in the fourth quarter of 2004, as well as the good progress in running off Zurich Capital Markets and Centre companies.