Assicurazioni Generali

Regulatory Filings • Dec 10, 2024

Informazione Regolamentata n. 0018-149-2024	Data/Ora Inizio Diffusione Euronext Milan 10 Dicembre 2024 19:36:49
Societa'	:	ASSICURAZIONI GENERALI
Identificativo Informazione Regolamentata	:	199265
Utenza - Referente	:	ASSGENERN06 - Giuseppe
Tipologia	:	REGEM; 3.1
Data/Ora Ricezione	:	10 Dicembre 2024 19:36:49
Data/Ora Inizio Diffusione	:	10 Dicembre 2024 19:36:49
Oggetto	:	Generali, AM Best migliora il rating FSR a "A+" da "A". Outlook stabile
Testo del comunicato

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12/10/2024 COMUNICATO STAMPA

Generali, AM Best migliora il rating FSR a "A+" da "A". Outlook stabile

Milano - AM Best ha migliorato il rating sulla solidità finanziaria di Generali (Financial Strength Rating - FSR) a "A+" (Superiore) da "A" (Eccellente") e il rating di credito dell'emittente a lungo termine (Long-Term ICR) a "aa-" (Superiore) da "a+" (Eccellente). L'outlook è stabile.

I giudizi riflettono l'ottima solidità patrimoniale di Generali, la forte performance operativa, il solido profilo di business e l'adeguato approccio alla gestione del rischio.

Qui di seguito comunicato stampa emesso da AM Best.

IL GRUPPO GENERALI

Generali è uno dei maggiori player globali del settore assicurativo e dell'asset management. Nato nel 1831, è presente in oltre 50 Paesi con una raccolta premi complessiva a € 82,5 miliardi nel 2023. Con 82 mila dipendenti nel mondo e 70 milioni di clienti, il Gruppo vanta una posizione di leadership in Europa e una presenza sempre più significativa in Asia e America Latina. Al centro della strategia di Generali c'è l'impegno a essere Partner di Vita dei clienti, attraverso soluzioni innovative e personalizzate, un'eccellente customer experience e una capacità distributiva globale e digitalizzata. Il Gruppo ha pienamente integrato la sostenibilità in tutte le scelte strategiche, con l'obiettivo di creare valore per tutti gli stakeholder e di costruire una società più equa e resiliente.

FOR IMMEDIATE RELEASE

CONTACTS: Jose Berenguer, CFA Christopher Sharkey +31 20 808 22 76 +1 908 882 2310

Dr. Angela Yeo Al Slavin +31 20 808 1712 +1 908 882 2318 angela.yeo@ambest.com al.slavin@ambest.com

Associate Director, Analytics Associate Director, Public Relations jose.berenguer@ambest.com christopher.sharkey@ambest.com

Senior Director, Analytics Senior Public Relations Specialist

AM Best Upgrades Credit Ratings of Assicurazioni Generali S.p.A. and Its Main Rated Subsidiaries AMSTERDAM, 10 December 2024—AM Best has upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to "aa-" (Superior) from "a+" (Excellent) of Assicurazioni Generali S.p.A. (Generali) (Italy) and its main rated subsidiaries. Concurrently, AM Best has upgraded 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 very strong, as well as its strong operating performance, very favourable business profile and appropriate enterprise risk management.

The rating upgrades reflect an improvement in Generali's balance sheet strength fundamentals. Generali's risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), was at the strongest level at year-end 2023. Furthermore, the group reported a Solvency II SCR ratio of 209% as of 30 September 2024 (yearend 2023: 220%). The reduction in exposure to Italian sovereign bonds undertaken by Generali in recent years has rendered the group's regulatory solvency and risk-adjusted capitalisation levels less sensitive to movements in spreads of Italian sovereign bonds. The weight of Italian government bonds on the group's balance sheet has decreased from EUR 63 billion in 2019 to EUR 39 billion in 2023. However, AM Best notes that Generali's

exposure to Italian sovereign bonds remains significant and will continue to be an offsetting factor in the company's balance sheet strength assessment.

—2—

Generali's strong operating performance is driven by solid technical performance. The group's technical results are underpinned by its non-life business, which produced a discounted combined ratio of 94.0% in 2023, as reported by the company. Life technical margins (present value of new business premiums) remained strong, increasing to 5.78% at year-end 2023 (2022: 5.69%). The group experienced net outflows in life business in 2023 amounting to EUR 1.3 billion as a result of the uptick in interest rates. Outflows on traditional savings products were largely offset by inflows on separate account business (Unit-Linked) and life protection. Management has taken action to correct the situation, and the group has reported net inflows in life business of EUR 6.8 billion at the end of the third quarter of 2024.

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 multichannel distribution strategy. The group has continued to develop its position in core markets through acquisitions, most notably with the acquisition of Liberty Seguros in 2023.

The FSR has been upgraded to A+ (Superior) from A (Excellent) and the Long-Term ICR has been upgraded to "aa-" (Superior) from "a+" (Excellent), with stable outlooks, for the following subsidiaries:

• Generali Italia S.p.A.
• Generali Deutschland 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 Lebensversicherung AG
• Europ Assistance S.A.

—MORE—

—3—

The Long-Term ICR of Generali France has been upgraded to "a" (Excellent) from "a-" (Excellent). The

outlook of this rating is stable.

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

Assicurazioni Generali S.p.A.—

• to "a" (Excellent) from "a-" (Excellent) on EUR 1,250 million 5.5% fixed/floating rate senior dated subordinated notes, due 2047 (callable in 2027)
• to "a" (Excellent) from "a-" (Excellent) on EUR 850 million 5% fixed/floating rate senior dated subordinated notes, due 2048 (callable in 2028)
• to "a" (Excellent) from "a-" (Excellent) on EUR 1,000 million 4.125% fixed rate senior dated subordinated notes, due 2026
• to "a" (Excellent) from "a-" (Excellent) on EUR 500 million, 3.875% fixed rate senior dated subordinated notes, due 2029
• to "a" (Excellent) from "a-" (Excellent) on EUR 750 million, 2.124% fixed rate senior dated subordinated notes, due 2030
• to "a-" (Excellent) from "bbb+" (Good) on GBP 350 million 6.269% fixed/floating rate junior subordinated perpetual debentures (callable in 2026)
• to "a-" (Excellent) from "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 upgraded as indicated, with stable outlooks:

Assicurazioni Generali S.p.A.—

• to "a+" (Excellent) from "a" (Excellent) on all senior unsecured notes to be issued under the programme
• to "a" (Excellent) from "a-" (Excellent) on all senior subordinated notes to be issued under the programme
• to "a-" (Excellent) from "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.

—4—

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 www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Fine Comunicato n.0018-149-2024	Numero di Pagine: 7
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