Assicurazioni Generali

Capital/Financing Update • Jun 1, 2016

Informazione Regolamentata n. 0018-55-2016		Data/Ora Ricezione 01 Giugno 2016 18:30:56	MTA
Societa'	: ASSICURAZIONI GENERALI
Identificativo Informazione Regolamentata	:	75212
Nome utilizzatore	:	ASSGENERN06 - AMENDOLAGINE
Tipologia	:	AIOS 06
Data/Ora Ricezione	:	01 Giugno 2016 18:30:56
Data/Ora Inizio Diffusione presunta	:	01 Giugno 2016 18:45:57
Oggetto	:	Generali, Fitch assigned rating "BBB" to May 31 subordinated bond issue
Testo del comunicato

Vedi allegato.

01/06/2016 PRESS RELEASE

Generali, Fitch assigned rating "BBB" to May 31 subordinated bond issue

Trieste – The rating agency Fitch announced today that it has assigned a "BBB" rating to the subordinated bond issue closed on May 31, 2016.

Please find attached Fitch's original press release.

Media Relations T +39.040.671577 media@generali.com

Investor & Rating Agency Relations T +39.040.671202 +39.040.671347 ir@generali.com

www.generali.com

THE GENERALI GROUP

The General Group is among the world's leading insurers, with total premium income exceeding € 74 billion in 2015. With above 76,000 employees in the world, present in over 60 Countries, the Group has a leading position in Western European Countries and an ever more significant presence in the markets of Central and Eastern Europe and in Asia. In 2015, Generali was the sole insurance company included among the 50 smartest companies in the world by the MIT Technology Review.

FITCH RATES GENERALI'S SUBORDINATED NOTES 'BBB'

Fitch Ratings-London/Frankfurt-01 June 2016: Fitch Ratings has assigned Assicurazioni Generali SpA's (Generali) EUR850m issue of subordinated notes a rating of 'BBB'. The notes are rated two notches below Generali's Long-Term Issuer Default Rating (IDR) of 'A-'/Stable, to reflect their subordination and loss absorption features, in line with Fitch's notching criteria.

KEY RATING DRIVERS

The proceeds of the Tier 2 subordinated notes will be used to call the balance of Generali's outstanding EUR869m Tier 1 bonds callable in 2017. The new securities have been issued with a coupon of 5% and a 32-year maturity, callable after a period of 12 years. The notes include a mandatory interest deferral feature that would be triggered if the company is unable to meet the applicable solvency capital requirement (or minimum capital requirement), as defined in the Solvency II directive.

We have applied a baseline recovery assumption of 'below average' and a non-performance risk assessment of 'moderate' to the Tier 2 notes. As a result, the rating is notched down twice from the IDR, one notch for recovery prospects and one notch for non-performance risk.

Under Fitch's methodology, this subordinated bond is classified as 100% capital due to regulatory override within Fitch's risk-based capital assessment and is classified as 100% debt for the agency's financial leverage calculations. The net impact on financial leverage and fixed charge coverage is not expected to be material.

RATING SENSITIVITIES

The notes' rating is subject to the same sensitivities that may affect Generali's Long-Term IDR (for more details, see 'Fitch Affirms Generali's IFS at 'A-' dated 26 January 2016 at www.fitchratings.com).

Contact: Primary Analyst Dr Stephan Kalb Senior Director +49 69 7680 76118 Fitch Deutschland GmbH Neue Mainzer Str. 46-50 60311 Frankfurt am Main

Secondary Analyst Harish Gohil Managing Director +44 20 3530 1257

Committee Chairperson David Prowse Senior Director +44 20 3530 1250

Media Relations: Athos Larkou, London, Tel: +44 203 530 1549, Email: athos.larkou@fitchratings.com.

Date of Relevant Rating Committee: 25 January 2016

Additional information is available on www.fitchratings.com

Applicable Criteria Insurance Rating Methodology — Effective Sept. 16, 2015 to May 17, 2016 (pub. 16 Sep 2015) https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=871172

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/ UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.