AM Best affirms the credit ratings of Assicurazioni Generali SpA and its main subsidiaries; Assigns Ratings to Europ Assistance SA
AM Best confirmed the financial strength rating (FSR) of A (excellent) and the long-term issuer credit ratings (long-term ICR) of âa +â (excellent) of
The outlook for these credit ratings (ratings) is stable. In addition, AM Best confirmed the long-term issue credit ratings (long-term IR) of debt instruments issued or guaranteed by Generali. At the same time, AM Best awarded an FSR of A (Excellent) and a long-term ICR of ‘a +’ (Excellent) to
The ratings reflect the strength of Generali’s balance sheet, which AM Best considers strong, as well as its strong operational performance, very favorable business profile and appropriate management of business risks.
The strength of Generali’s balance sheet is based on its risk-adjusted capitalization at the highest level, as measured by Best’s capital adequacy ratio (BCAR). The group had a Solvency II SCR ratio of 233% at
Generali’s solid operational performance is driven by solid technical performance. Underwriting results are supported by the group’s non-life businesses, which produced average combined ratios of 92.1% over the five-year period ending in 2020, as calculated by AM Best. The group’s life underwriting results declined in 2020, driven by a legacy savings portfolio with high interest rate guarantees, but AM Best expects the group’s continued focus on products. low capitalization and low collateral improves the profitability of this line. The effects of the COVID-19 pandemic have been mixed, with the benefits of a lower claim frequency on auto lines being offset by higher volatility on the investment portfolio’s unrealized gain position. In the longer term, results should return to historical norms. During the first nine months of 2021, the group’s net profit was
Generali’s very favorable commercial profile is based on its leading and defensible positions in its key markets. The group has a solid franchise, reinforced by its excellent market access thanks to its solid proprietary network and its multi-channel distribution strategy. The group continued to develop its asset management activities, with third party assets under management remaining stable during the COVID-19 pandemic in
The FSR of A (Excellent) and long-term ICRs of ‘a +’ (Excellent) were confirmed with a stable outlook for
The FSR of A (Excellent) and the Long Term ICR of ‘a +’ (Excellent) were awarded with a stable outlook for the following subsidiary:
The long-term ICR of âbbb +â (good) was confirmed with a stable outlook for
The following long-term IRs have been confirmed with a stable outlook:
‘a’ (Excellent) on
‘a-‘ (Excellent) on
2047 (callable in 2027)
‘a-‘ (Excellent) on
(callable in 2028)
‘a-‘ (Excellent) on
‘a-‘ (Excellent) on
(callable in 2022) (including
‘a-‘ (Excellent) on
(callable in 2022) (including
‘a-‘ (Excellent) on
‘a-‘ (Excellent) on
‘bbb +’ (good) enabled
debentures redeemable in 2022 (including
‘bbb +’ (good) enabled
bonds repayable in 2026
‘bbb +’ (good) enabled
tickets (originally issued by
The following indicative long-term IRs on the securities available under the
âAâ (Excellent) on all senior unsecured notes to be issued under the program
âA-â (Excellent) on all senior subordinated notes to be issued under the program
âBbb +â (bon) on all subordinated bonds of a lower rank to be issued within the framework of the program
This press release relates to credit ratings published on the AM Best website. For all rating information relating to the posting and relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this post, please see AM Best’s Recent Rating Activity webpage. . For more information on the use and limitations of credit rating reviews, please see Best’s Guide to Credit Ratings. For more information on the proper use of Best Credit Ratings, Best Preliminary Credit Ratings, and AM Best press releases, please see the Guide to Appropriate Use of Best Ratings and Reviews.
AM Best is a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry. Based at
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