Following the announcement of Zurich Financial Services' full year results for 2003, the company has had its ratings affirmed by both AM Best and Fitch Ratings.
AM Best said the A (excellent) rating for Zurich and its core subsidiaries remained unchanged following the results. The rating outlook remains positive, it added.
Fitch Ratings said it also affirmed its ratings for the Zurich group, including an A- rating with a positive outlook for Zurich Insurance Company.
"While the results are better than expected, continued reserve deterioration poses a concern and any upgrade of the ratings would be dependent on the agency gaining greater comfort with the issues surrounding this," said Fitch associate director Andrew Murray.
The ratings agency said it recognised the significant achievements made in restructuring the group in line with plans outlined in September 2002. It said it believed profitability and capital strength would improve further into 2004.
Accordingly, the rating outlook for the group remains positive, added Fitch.
In its full year results for 2003, Zurich Financial Services said profits for its general insurance business rose 333% compared with 2002, reaching $1.8bn.
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