{"id":659,"date":"2025-09-23T09:00:52","date_gmt":"2025-09-23T09:00:52","guid":{"rendered":"http:\/\/www.ateliersfurrer.com\/?p=659"},"modified":"2025-09-23T13:49:40","modified_gmt":"2025-09-23T13:49:40","slug":"fitch-upgrades-generalis-ratings-on-lower-sovereign-risk-improved-performance","status":"publish","type":"post","link":"http:\/\/www.ateliersfurrer.com\/index.php\/2025\/09\/23\/fitch-upgrades-generalis-ratings-on-lower-sovereign-risk-improved-performance\/","title":{"rendered":"Fitch upgrades Generali\u2019s ratings on lower sovereign risk & improved performance"},"content":{"rendered":"

Fitch Ratings has upgraded Generali and its core subsidiaries\u2019 Insurer Financial Strength (IFS) Ratings to \u2018AA-\u2019 from \u2018A+\u2019, citing lower sovereign risk and the group\u2019s very strong profile, capitalisation, leverage, and operating performance.<\/p>\n

\"generali-logo\"The agency has also upgraded Generali\u2019s Long-Term Issuer Default Rating (IDR) to \u2018A+\u2019 from \u2018A\u2019, assigning Stable outlooks to both ratings.<\/p>\n

Addressing Generali\u2019s reduced sovereign risk, Fitch noted that the Italian insurer held \u20ac35 billion in domestic sovereign bonds at end-H1 2025, down from \u20ac39 billion at year-end 2024, equivalent to 0.6x shareholders\u2019 equity, including the post-tax contractual service margin.<\/p>\n

\u201cWe expect the investment concentration risk to stabilise in 2026. Generali\u2019s risky assets ratio, which measures the ratio of risky assets to capital, improved to a pro forma 73% based on end-2024 results reported under IFRS17, from 81% if the upgrade of Italy is not considered.\u201d<\/p>\n

Fitch also highlighted Generali\u2019s very strong company profile, noting its position as the third-largest European insurance group by premiums, with leading market shares in major Western European countries and a significant presence in central and eastern Europe and Asia.<\/p>\n

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\"Brit<\/a><\/div>\n<\/div>\n

The agency said the group benefits from its large size and broad diversification across geographies, products, client groups, and distribution channels.<\/p>\n

At the same time, Fitch views Generali\u2019s capitalisation as very strong, with a Solvency II ratio of 212% at end-H1 2025, and a low financial leverage ratio of 17% at end-2024, comparing favourably with peers.<\/p>\n

With this in mind, the agency said it expects Generali to maintain its capital strength and broadly stable leverage through 2025\u201326.<\/p>\n

As a final driver for the upgrade, Fitch highlighted the Italian insurer\u2019s operating profit, which, calculated under IFRS 17, improved to \u20ac7.3 billion in 2024, with a very strong performance in non-life<\/a>.<\/p>\n

This momentum carried into H1 2025, with Generali posting a consolidated operating result of \u20ac4.05 billion and an improved combined ratio of 91%<\/a>.<\/p>\n

The post Fitch upgrades Generali\u2019s ratings on lower sovereign risk & improved performance<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch Ratings has upgraded Generali and its core subsidiaries\u2019 Insurer Financial Strength (IFS) Ratings to \u2018AA-\u2019 from \u2018A+\u2019, citing lower sovereign risk and the group\u2019s very strong profile, capitalisation, leverage, and operating performance. The agency has also upgraded Generali\u2019s Long-Term…<\/p>\n","protected":false},"author":1,"featured_media":661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"_links":{"self":[{"href":"http:\/\/www.ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/posts\/659"}],"collection":[{"href":"http:\/\/www.ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/comments?post=659"}],"version-history":[{"count":3,"href":"http:\/\/www.ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/posts\/659\/revisions"}],"predecessor-version":[{"id":663,"href":"http:\/\/www.ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/posts\/659\/revisions\/663"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/media\/661"}],"wp:attachment":[{"href":"http:\/\/www.ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/media?parent=659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/categories?post=659"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.ateliersfurrer.com\/index.php\/wp-json\/wp\/v2\/tags?post=659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}