Generali confirms its solid capital position
05 May 2020 - 19:21
Milan – Regarding the recent press release issued by Fitch Ratings, that is a direct result of the recent downgrading of Italy’s sovereign debt, Generali confirms its solid capital position.
It should also be emphasised that the Agency – which changed the Generali rating from A, outlook negative, to A-, outlook stable – has implemented a stress test linked to the present Covid-19 pandemic, whose results would have led to the confirmation of Generali rating.
It is important to note that the Group’s 2019 financial statements reflected a very positive performance, with a record operating result of € 5,192 million, a net profit of € 2,670 million, up 15.7% compared to the previous year, and technical excellence in all business segments.
Although the effects of the Covid-19 pandemic are still uncertain at the moment, the Solvency II Ratio remains solid and has always stayed within the desired range.
With regard to the exposure to Italian sovereign debt, the Group confirms the stability of the portfolio, which is almost entirely backing Italian technical reserves.
In the current context, the Group continues with the on-going execution in a rigorous and disciplined way of its “Generali 2021” Strategy.
The Company has also already reached its objective of reducing the amount of debt and even exceeded the goal of lowering its cost.