Zurich confirms continued outstanding financial strength

Zurich Insurance Group (Zurich) has published its Financial Condition Report 2024, reaffirming the strong financial position and robust balance sheet of the Group.

The Group Swiss Solvency Test (SST) ratio was 253% as per December 31, 2024¹, compared to 234% in the previous year. The increase was mainly driven by capital generation in excess of dividend accrual, a positive impact from the disposal of an annuity book in Chile and the issuance of USD 500 million of subordinated debt in October, as well as favorable market movements.

In 2024, two rating agencies upgraded Zurich: Moody’s (Financial Strength rating to Aa2 from Aa3 in September) and AM Best (Issuer Credit rating upgraded to aa from aa- in November). S&P’s Insurance Financial Strength (IFSR) rating remained at AA level. This reflects the recognition of the Group’s diversified and resilient earnings profile, balance sheet strength and strong capital flexibility, underpinned by conservative risk management.

¹ The Swiss Solvency Test (SST) ratio as of December 31, 2024, 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.