The Generali Group risk profile, considered as a set of assessments regarding the level of overall exposure to various risks, is monitored by the Supervisory Authorities of the countries where the Group operates.

The main rating agencies perform periodic assessments of the Group’s financial stability by expressing their opinion on its ability to fulfill its obligations towards policyholders and bondholders.

The evaluation is performed on the basis of several factors including financial and economic data, the Group’s competitive position in markets where it operates and the strategies developed and implemented by the management.

Following the actions undertaken on some European sovereigns, including Italy’s, the main rating agencies have revised the rating assigned to the Group, while confirming its financial stability, which benefits from its competitive position, geographical and distribution diversification as well as flexible life product characteristics, which serve to partially insulate the Group somewhat from stress related to
the sovereign debt.

It should be noted in particular that the rating of Assicurazioni Generali continues to be two notches above the rating of Italian sovereign debt.

The current rating and outlook assigned to Assicurazioni Generali by the major agencies are the following:

Rating agency
Rating Outlook
Standard & Poor’s
A Negative
Fitch A- Watch Negative
AM Best 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 the country in which they are primarily based. The expiry of the credit watch was 20 February 2014 but it 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 to preserve capital and reduce debt. The negative outlook is related to market uncertainty in 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, and benefited from
the same improvement in Italian outlook: and 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.

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