Moreover, AM Best has affirmed its long-term credit ratings for debt instruments issued or guaranteed by Generali (Long-Term IRs). The outlook of the Credit Ratings (ratings) is stable.
Generali's capital strength is underpinned by risk-adjusted capitalization at the strongest level: the Group had a Solvency II Ratio of 203% as of 30th September 2020.
Generali's strong operating performance is driven by solidtechnical performance. Technical results are underpinned by the group's non-life business, which produced averagecombined ratios of 92.9% over the five-year period ending in2019, as calculated by AM Best.
Generali's business profile is very favourable, as it is underpinned by its leading and defensible positions in its core markets. The group has a solid franchise, reinforced by its excellent access to markets through its strong proprietary network and its multichannel distribution strategy.
The business provides the group with a diversified source of revenue. In this regard, the group has continued to expand its asset management business, with third party assets under management remaining flat through the pandemic at EUR 161 billion through Sept. 30, 2020.
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