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26/08/2015 COMUNICATO STAMPA

Generali, Fitch alza giudizio su obbligazioni grazie ad azione management
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Confermato rating IFS del Gruppo a A-, outlook stabili, a seguito rafforzamento patrimoniale e performance operativa
Trieste ­ L'agenzia di rating Fitch ha comunicato oggi di aver rivisto al rialzo da BBB+ a A- il rating delle obbligazioni senior di Generali; da BBB a BBB+ il rating dell'obbligazione subordinata 1 mld 4,125% e da BBB- a BBB il rating di tutte le altre obbligazioni subordinate. L'agenzia, inoltre, ha confermato a A- il rating IFS di Generali e delle sue società: Fitch ha spiegato che ha rivisto al rialzo da A- ad A il rating IFS unconstrained, che non considera le limitazioni legate al rating sovrano italiano, ma l'applicazione di un sovereign constraint (che limita il rating ad un massimo di un notch superiore a quello dell'Italia) vincola il giudizio finale a A-. Gli outlook sono confermati stabili. Fitch ha spiegato che il rating rispecchia il rafforzamento patrimoniale del Gruppo, la prospettiva che la performance operativa continui ad essere solida e che l'azione del management prosegua nel preservare il capitale e ridurre la leva finanziaria. L'agenzia di rating sottolinea, inoltre, che Generali ha un'elevata flessibilità finanziaria, come dimostrato, ad esempio, dalle attività di pre-finanziamento portate avanti negli ultimi due anni. La decisione di Fitch riflette anche la recente revisione dei criteri relativi al notching per il settore assicurativo. In allegato il comunicato stampa emesso da Fitch.

Media Relations T +39.040.671085 press@generali.com Investor Relations T +39.040.671202 +39.040.671347 generali_ir@generali.com www.generali.com

IL GRUPPO GENERALI Il Gruppo Generali è uno tra i maggiori assicuratori globali con una raccolta premi complessiva superiore a 70 miliardi nel 2014. Con 78.000 collaboratori nel mondo al servizio di 72 milioni di persone assicurate in oltre 60 Paesi, il Gruppo occupa una posizione di leadership nei Paesi dell'Europa Occidentale ed una presenza sempre più significativa nei mercati dell'Europa Centro-orientale ed in quelli asiatici.


FITCH UPGRADES GENERALI'S IDR TO 'A-'; AFFIRMS IFS AT 'A-'; OUTLOOK STABLE
Fitch Ratings-Frankfurt/London-26 August 2015: Fitch Ratings has upgraded Assicurazioni Generali SpA's (Generali) Long-term Issuer Default Rating (IDR) to 'A-' from 'BBB+' and affirmed the Insurer Financial Strength (IFS) ratings for Generali and its core subsidiaries at 'A-'. The Outlooks are Stable. Fitch has also upgraded Generali's senior notes to 'A-' from 'BBB+', EUR1bn 4.125% subordinated notes to 'BBB+' from 'BBB' and all other subordinated notes to 'BBB' from 'BBB-'. A full list of rating actions is at the end of this commentary. The ratings reflect Fitch's recently updated notching criteria for the insurance sector, published on 14 July 2015. The updated notching criteria appear in Section VI of the insurance master criteria report 'Insurance Rating Methodology'. The upgrade of the IDR reflects the upgrade of the unconstrained IFS as well as the change in the application of the sovereign constraint, which now is applied as the last step in the ratings process . No rating can exceed the sovereign constraint, which Fitch has set at 'A-' for Generali, one notch higher than the sovereign rating of Italy (BBB+). The unconstrained IFS rating of Generali and its core subsidiaries is 'A', and its unconstrained IDR is 'A-'. Both unconstrained ratings were upgraded by one notch. KEY RATING DRIVERS The ratings reflect the improvement in Generali's capital position and Fitch's expectations that Generali's operations will remain strong and that management's ongoing focus will be to preserve capital and reduce financial leverage. Generali's Fitch Prism factor-based model (FBM) score remained 'Strong' at end-2014, unchanged from end-2013. However, the score is now very close to the 'Very Strong' level, reflecting the improvement in Generali's capitalisation. Nonetheless, Fitch believes that Generali's capital is vulnerable to stress due to its substantial exposure to Italian sovereign debt and its high investment leverage. Furthermore, Generali's significant levels of goodwill and intangibles negatively affect the quality of its capital. Generali's ratings are heavily influenced by the group's exposure to Italian sovereign debt (EUR58bn or 2.5x consolidated shareholders' funds at end-1H15). This represents a large concentration risk and a potential source of volatility for capital adequacy. The group's exposure to Italian sovereign debt, which is to match domestic liabilities in Italy, is underlined by the application of the sovereign constraint on its ratings. Generali's Fitch-calculated financial leverage ratio (FLR) was high at 35% at end-2014, unchanged from end-2013. However, the group has already implemented measures to reduce financial debt. Fitch estimates that by at end-1H15 the FLR had declined to 32%. Fixed-charge coverage (FCC), including unrealised and realised gains and losses, was low at 5.1x in 2014, up from 4.1x in 2013. Fitch expects FCC to improve over time as the group deleverages and the new debt is expected to have lower coupons than the existing outstanding notes. Fitch also considers Generali has high financial flexibility, as demonstrated, for example, by pre-funding activities carried out during the past two years.


Operating performance has been strong over the past two years. The positive trend continued in 1H15, with operating result up 11.3% to EUR2.8bn, the best 1H result within the past eight years. Despite Generali's efforts to grow its non-life business, its earnings remain highly dependent on life insurance and investment markets. As the group is reducing its strategic equity holdings, Fitch believes its earnings will be more resilient to equity market volatility in 2015 and beyond. RATING SENSITIVITIES An upgrade of Generali's ratings is unlikely in the medium term given the group's large exposure to Italian government debt. However, an upgrade could occur if Italy's rating were upgraded to the 'A' category, while at the same time Generali's FLR, as calculated by Fitch, falls to below 30% and its Prism FBM score reaches 'Very Strong'. Generali's ratings could be downgraded if its Prism FBM score were to fall below 'Strong' for a prolonged period or its FLR rises to more than 35%. Generali's ratings are also likely to be downgraded if Italy is downgraded. The rating actions are as follows: Assicurazioni Generali SpA: IDR upgraded to 'A-' from 'BBB+'; IFS affirmed at 'A-'; Outlook Stable Generali Iard: IFS affirmed at 'A-'; Outlook Stable Generali Vie: IFS affirmed at 'A-'; Outlook Stable Generali Deutschland Holding AG: IFS affirmed at 'A-'; Outlook Stable Generali Deutschland Pensionskasse AG: IFS affirmed at 'A-'; Outlook Stable Cosmos Versicherung AG: IFS affirmed at 'A-'; Outlook Stable Cosmos Lebensversicherungs-AG: IFS affirmed at 'A-'; Outlook Stable AachenMuenchener Lebensversicherung AG: IFS affirmed at 'A-'; Outlook Stable Generali Lebensversicherung AG: IFS affirmed at 'A-'; Outlook Stable AachenMuenchener Versicherung AG: IFS affirmed at 'A-'; Outlook Stable Generali Versicherung AG: IFS affirmed at 'A-'; Outlook Stable Central Krankenversicherung AG: IFS affirmed at 'A-'; Outlook Stable Generali Espana, S.A. de Seguros Y Reaseguros: IFS affirmed at 'A-'; Outlook Stable Generali Versicherung AG (Austria): IFS affirmed at 'A-'; Outlook Stable Envivas Krankenversicherung AG: IFS affirmed at 'A-'; Outlook Stable Advocard Rechtsschutzversicherung AG: IFS affirmed at 'A-'; Outlook Stable Dialog Lebensversicherungs-AG: IFS affirmed at 'A-'; Outlook Stable Generali (Schweiz) Holding AG: IDR upgraded to 'BBB' from 'BBB-'; Outlook Stable Generali's debt ratings are as follows: Assicurazioni Generali SpA Senior unsecured debt upgraded to 'A-' from 'BBB+' EUR1bn 4.125% subordinated note upgraded to 'BBB+' from 'BBB' Other subordinated debt upgraded to 'BBB' from 'BBB-' Generali Finance BV (guaranteed by Assicurazioni Generali SpA) Subordinated debt upgraded at 'BBB' from 'BBB-' Contact: Primary Analyst Dr Stephan Kalb Senior Director +49 69 7680 76118 Fitch Deutschland GmbH Neue Mainzer Str. 46-50


60311 Frankfurt am Main Secondary Analyst Harish Gohil Managing Director +44 20 3530 1257 Committee Chairperson Chris Waterman Managing Director +44 20 3530 1168 Media Relations: Elaine elaine.bailey@fitchratings.com. Bailey, London, Tel: +44 203 530 1153, Email:

Additional information is available on www.fitchratings.com Applicable Criteria Insurance Rating Methodology (pub. 14 Jul 2015) https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=868367 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/ UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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