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* 31.12.22 31.12.21 31.12.20 31.12.19
Moody's Rating
Outlook

A3
Stable

A3
Stable

Baa1
Stable

Baa1
Stable

Baa1
Stable
Fitch Rating
Outlook

A
Positive

A
Positive

A
Positive

A-
Stable

A
Negative
AM Best Rating
Outlook

A
stable

A
stable

A
stable

A
stable

A
stable

*With link to the latest press release.

Rating - Bonds

    Current 31.12.22 31.12.21 31.12.20 31.12.19
Moody's senior Baa1 Baa1 Baa2 Baa2 Baa2
subordinated Baa2 Baa2 Baa3 Baa3 Baa3
hybrid Baa3 Baa3 Ba1 Ba1 Ba1
outlook stable stable stable stable stable
Fitch senior A- A- A- BBB+ A-
subordinated BBB (1) BBB (1) BBB (1) BBB- (1) BBB (1)
hybrid BBB BBB BBB BBB- BBB
outlook positive positive positive stable negative
AM Best senior a a a a a
subordinated a- a- a- a- a-
hybrid bbb+ (2) bbb+ (2) bbb+ (2) bbb+ (2) bbb+ (2)
outlook stable stable 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.