Rating and ethical indices

The current rating and outlook assigned to Assicurazioni Generali by the major rating agencies are illustrated below.

Rating agencyRatingOutlook
A.M.Best
Negative
Standard & Poor's A- Watch Negative
Fitch A- Negative
Moody's Baa1 Stable
Updated as of February 2014.

On 26 November 2013, the rating agency Standard & Poor's placed Assicurazioni Generali on credit watch with negative implications following the adoption of a new methodology focusing on the relationship between the rating of the Company and that of the country to which they have "significant" exposure in terms of total investments. The expiry of the credit watch was 20 February 2014 but has been extended by Standard & Poor's to the 31 March.

On 6 February 2014, the rating agency Fitch affirmed the lnsurer Financial Strength rating of Assicurazioni Generali at A- (with negative outlook), reflecting the strong operating performance in 2013 and the enhanced focus of the new management on preserving capital and reducing debt. The negative outlook is related to the outlook of Italy, also negative. Fitch has also affirmed Generali's senior and subordinated notes at BBB+ and BBB-, respectively.

On 18 February 2014, the rating agency Moody’s improved the outlook of Generali from negative to stable which benefited from the same improvement in Italian outlook. It also confirmed the Insurance Strength Rating to Baa1 and the Baa2 rating on the Generali senior bond placement.

The rating of Assicurazioni Generali continues to be two notches above the rating of its main country of operation due to the fact that its activities extend into the European Union and it is a leader in terms of market share in countries with high credit ratings such as Germany, France, Austria and the Czech Republic. This geographic diversification reduces the direct link to Generali’s sovereign domestic risk.

The ratings assigned to Assicurazioni Generali S.p.A. by agencies which are specialized in sustainability topics and are continually more numerous considering the financial instruments issued by the Company as socially responsible investments (SRI), are improved. Results obtained in the various areas of sustainability in the last few years have led the Company to its inclusion in many of the most prestigious ethical indices, such as FTSE4Good, NYSE Euronext Vigeo Europe 120 and MSCI ESG indices.

Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328