Rating

The Generali Group risk profile, considered as a set of assessments regarding the level of overall exposure to various risks, is monitored by the Supervisory Authorities of the countries where the Group operates. The process of complying to the system of prudential supervision Solvency II implies a more significant involvement of the main Supervisory Authorities of the European countries where the Group operates.

The main rating agencies perform periodic assessments of the Group’s financial stability by expressing their opinion on its ability to fulfill its obligations towards policyholders and bondholders.

The evaluation is performed on the basis of several factors including financial and economic data, the Group's competitive position in markets where it operates and the strategies developed and implemented by the management.

Following the actions undertaken on some European sovereigns, including Italy’s, main rating agencies have revised the rating assigned to the Group, while confirming its financial stability, which benefits from its competitive position, geographical and distribution diversification as well as flexible life product characteristics, which serve to partially insulate the Group somewhat from stress related to the sovereign debt.

The current rating and outlook assigned to Assicurazioni Generali by the major agencies are the following:

Rating agency                                              
Rating Outlook
Standard & Poor's
Negative
Fitch A- Negative
AM Best
Negative
Moody's Baa1 Negative

In June 2012 Standard and Poor's placed Generali’s rating under credit watch. This condition has been resolved in January 2013, and A rating was confirmed (with negative outlook), confirming the strong fundamentals of the Group’s business in terms of competitive position and operating performance, together with the management’s commitment towards strengthening capital position. It is worth noting that this rating is by two notches higher than that assigned to the Italian sovereign debt.

Moody's also reduced Generali’s rating from A1 ad Baa1 in July 2012 following the downgrade of Italian sovereign rating. The outlook (negative) is in line with that of Italy. In December 2012, the agency placed under review Group Parent Company Assicurazioni Generali S.p.A.’s bond ratings in order to evaluate the impact stemming from launched restructuring of Italian operations on its economic and financial structure.