AM Best Affirms Credit Ratings of Assicurazioni Generali S.p.A. and Its Main Rated Subsidiaries

AMSTERDAM–(BUSINESS WIRE)–#insurance–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Assicurazioni Generali S.p.A. (Generali) (Italy) and its main rated subsidiaries. Concurrently, AM Best affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” of Società Cattolica di Assicurazione S.p.A. (Cattolica); these ratings reflect Cattolica’s inclusion as a member of Generali’s lead rating unit. Additionally, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of debt instruments issued or guaranteed by Generali. The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and ratings.)

The ratings reflect Generali’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, very favourable business profile and appropriate enterprise risk management.

Generali’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The group had a Solvency II SCR ratio of 223% as at 30 September 2022 (year-end 2021: 227%). Offsetting factors in this assessment include the group’s material exposure to Italian sovereign bonds, amounting to EUR 63.0 billion, or 215% of shareholders’ equity, as of year-end 2021. While these bonds are held mostly against participating life contracts, the position introduces potential volatility to the regulatory solvency and risk-adjusted capitalisation levels.

During the first nine months of 2022, the group had losses in its investment portfolio, which resulted in a significant drop in its reported shareholders’ equity (3Q 2022: EUR 16.6 billion, FY 2021: EUR 29.3 billion). Unrealised losses in the group’s fixed income portfolio have not translated to higher default or impairment experience to-date and the unrealised losses are expected to unwind as the bonds mature. AM Best considers that the group’s liquidity position and financial flexibility is sufficient to manage the group’s disintermediation risk but will continue to closely monitor emerging experience.

Generali’s strong operating performance is driven by solid technical performance. Technical results are underpinned by the group’s non-life business, which produced average combined ratios of 91.7% over the five-year period ending in 2021, as calculated by AM Best. Technical results were strong in 2021, with combined ratios continuing to trend below pre-pandemic levels.

Generali’s very favourable business profile is underpinned by its leading and defensible positions in its core markets. The group has a solid franchise, reinforced by its excellent access to markets through its proprietary network and its multichannel distribution strategy. The group has continued to develop its position in core markets through acquisition, most notably with the acquisition of Cattolica in 2021, which is expected to give the group leading positions in Italy’s life and non-life markets.

Cattolica’s integration and significance to the group has led to AM Best including the subsidiary as a member of the lead rating unit of Generali.

The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed with stable outlooks for Assicurazioni Generali S.p.A. and its following subsidiaries:

Generali Italia S.p.A.

Generali Deutschland AG

COSMOS Lebensversicherungs AG

COSMOS Versicherung AG

Generali Vie S.A.

Generali IARD S.A.

Generali Česká pojišt’ovna a.s.

Generali España, Sociedad Anonima de Seguros y Reaseguros

Generali Deutschland Versicherung AG

Generali Deutschland Krankenversicherung AG

Generali Deutschland Lebensversicherung AG

Europ Assistance S.A.

Società Cattolica di Assicurazione S.p.A.

Generali Life (Hong Kong) Limited

The Long-Term ICR of “bbb+” (Good) has been affirmed with a stable outlook for Generali France S.A.

The following Long-Term IRs have been affirmed with stable outlooks:

Assicurazioni Generali S.p.A.—

— “a” (Excellent) on EUR 1,750 million 5.125% senior unsecured notes, due 2024

— “a-” (Excellent) on EUR 1,250 million 5.5% fixed/floating rate senior dated subordinated notes, due 2047 (callable in 2027)

— “a-” (Excellent) on EUR 850 million 5% fixed/floating rate senior dated subordinated notes, due 2048 (callable in 2028)

— “a-” (Excellent) on EUR 1,000 million 4.125% fixed rate senior dated subordinated notes, due 2026

— “a-” (Excellent) on EUR 1,250 million 7.75% fixed/floating rate senior subordinated notes, due 2042 (callable in 2022) (of which EUR 467 million remains outstanding)

— “a-” (Excellent) on EUR 500 million, 3.875% fixed rate senior dated subordinated notes, due 2029

— “a-” (Excellent) on EUR 750 million, 2.124% fixed rate senior dated subordinated notes, due 2030

— “bbb+” (Good) on GBP 350 million 6.269% fixed/floating rate junior subordinated perpetual debentures (callable in 2026)

— “bbb+” (Good) on EUR 1,500 million 4.596% fixed/floating rate more deeply subordinated perpetual notes (originally issued by Generali Finance B.V.)

The following indicative Long-Term IRs on securities available under the EUR 15 billion medium-term note programme have been affirmed as indicated, with stable outlooks:

Assicurazioni Generali S.p.A.—

— “a” (Excellent) on all senior unsecured notes to be issued under the programme

— “a-” (Excellent) on all senior subordinated notes to be issued under the programme

— “bbb+” (Good) on all junior subordinated notes to be issued under the programme

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


Pierre Tournier, CFA, FSA, CERA
Associate Director, Analytics
+31 20 308 5423

Dr. Angela Yeo
Senior Director, Analytics
+31 20 308 5421

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098

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