Generali Group

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          Ratings

          This section contains the ratings assigned to the Group by the leading international agencies (Moody's, AM Best and Fitch).

          On 13 February 2015, at Generali’s request, Standard & Poor’s withdrew its rating relative to the Group.

          Rating - Insurance financial strength

          Agency   Current* 31.12.17 31.12.16 31.12.15 31.12.14
          Moody's Rating
          Outlook

          Baa1
          Stable

          Baa1

          Stable

          Baa1
          Stable
          Baa1
          Stable
          Baa1
          Stable
          Fitch Rating
          Outlook

          A-
          Negative

          A-

          Stable

          A-
          Stable
          A-
          Stable
          A-
          Stable
          AM Best Rating
          Outlook

          A

          Stable

          A

          Stable

          A
          Stable
          A
          Stable
          A
          Stable

          *With link to the latest press release.

          Rating - Bonds

              Current 31.12.17 31.12.16 31.12.15 31.12.14
          Moody's senior Baa2 Baa2 Baa2 Baa2 Baa2
          subordinated Baa3 Baa3 Baa3 Baa3 Baa3
          hybrid Ba1 Ba1 Ba1 Ba1 Ba1
          outlook stable stable stable stable stable
          Fitch senior A- A- A- BBB+ BBB+
          subordinated BBB (1) BBB (1) BBB (1) BBB- (1) BBB-
          hybrid BBB BBB BBB BBB- BBB-
          outlook negative stable stable stable stable
          AM Best senior A- A- A- A- A-
          subordinated BBB+ BBB+ BBB+ BBB+ BBB+
          hybrid BBB (2) BBB (2) BBB (2) BBB (2) BBB+
          outlook positive positive stable stable stable

          (1) Generali’s Eur 1bn 4.125% subordinated note, issued on April 29, 2014, affirmed at BBB+
          (2)
           AM Best new methodology on debt, effective on May 6, 2014, introduced a different notching between senior and junior subordinated debt

          Description & Ranking Grid by Rating Agency

          Ratings refer to a judgement of the credit rating and probability of default of an entity or the security to which the rating has been assigned. Every ratings agency uses a different method to compile its ratings.

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          Description & Ranking Grid by Rating Agency 3 mb