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Ratings

The table below provides ratings of larger subsidiaries of Zurich Financial Services Group. Ratings of other subsidiaries are available at Zurich Financial Services, Investor Relations, upon request.

Last change: October 1, 2009

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

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

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

n.r. = not rated