Best Sees No Change in Zurich Ratings

February 16, 2007

A.M. Best Co. indicated that its ratings on Zurich Financial Services and its rated subsidiaries remain unchanged following the announcement of post-tax earnings of $4.5 billion at year-end 2006 and the proposal of a CHF 1.25 billion ($1.0 billion) share buyback, as well as a gross dividend of CHF 11.00 per share ($8.80) (amounting to $1.3 billion in total).

Best said it “believes that ZFS’ consolidated risk-adjusted capitalization remains supportive of the current ratings despite the proposed share buyback and the dividend payment.

“Prospectively, A.M. Best expects ZFS to maintain the current level of risk-adjusted capitalization.”

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