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AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of a+ of Assicurazioni Generali S.p.A. (Generali) (Italy) and its main rated subsidiaries. Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of debt instruments issued or guaranteed by Generali. The outlook of the Credit Ratings (ratings) is stable.
The ratings reflect Generali s balance sheet strength, which AM Best categorises 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 risk-adjusted capitalization that is considered to be at the strongest level, as measured by Best s Capital Adequacy Ratio (BCAR). The group had a regulatory solvency ratio of 203% as at 30 September 2020 (YE 2019: 224%). Offsetting factors in the assessment include the group s significant exposure to I
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