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Ratings

Zurich Financial Services Group maintains an interactive rating relationship with Standard & Poor's (S&P), Moody's and A.M. Best. The table below lists the financial strength and issuer credit ratings of some key subsidiaries as well as the credit ratings of senior and subordinated debt issues.

For further information please contact the Rating Agency Manager.

Last change: April 29, 2010

Financial strength rating S & P Moody's A.M. Best
Zurich Insurance Company Ltd AA-/stable A1/stable A/stable
Zurich American Insurance Company AA-/stable n.r. A/stable
Zurich Insurance Public Limited Company AA-/stable n.r. n.r.
Zurich Deutscher Herold
Lebensversicherung AG
n.r. A1/stable n.r.
Zurich Assurance Ltd. n.r. A2/stable n.r.

Issuer credit rating S & P Moody's A.M. Best
Zurich Insurance Company Ltd AA-/stable n.r. a+/stable

Issue credit rating S & P Moody's A.M. Best
Zurich Insurance Company Ltd (EMTN Programme)
3.75 % CHF 500 million senior notes, due September 2013 A+ A2 a
7.5 % EUR 425 million subordinated notes,
callable July 2019, due July 2039
A A3 a-
Zurich Finance (Luxembourg) S.A. (EMTN Programme)
3.25 % USD 750 million senior notes, due September 2013 A+ A2 a
Zurich Finance (USA), Inc. (EMTN Programme)
3.5 % CHF 300 million senior notes, due November 2011 A+ A2 a
4.875% EUR 800 million senior notes, due April 2012 A+ A2 a
4.5 % EUR 1 billion senior notes, due September 2014 A+ A2 a
6.5% EUR 600 million senior notes, due October 2015 A+ A2 a
5.75 % EUR 500 million subordinated notes, callable 2013, due October 2023 A A3 a-
4.5 % EUR 500 million subordinated notes, callable 2015, due 2025 A A3 a-
Zurich Finance (UK) plc. (EMTN Programme)
6.625% GBP 450 million perpetual subordinated notes, callable 2022 A A3 a-
ZFS Finance (USA) Trust I
6.15% USD 600 million trust preferred securities, callable December 2010, due 2065 A Baa1 n.r.
ZFS Finance (USA) Trust II
6.45% USD 700 million trust preferred securities, callable June 2016, due 2065 A Baa1 n.r.
ZFS Finance (USA) Trust III
Floating rate, USD 400 million trust preferred securities, callable December 2010, due 2065 A Baa1 n.r.
ZFS Finance (USA) Trust IV
5.875% USD 500m trust preferred securities, callable in 2012, due 2062 A Baa1 a-
ZFS Finance (USA) Trust V
6.5% USD 1bn trust preferred securities, callable in 2017, due 2067 A Baa1 a-

n.r. = not rated