The rating agency's assessment is based on an evaluation of four key elements: asset strength rated as stable, strong operating performance, a business profile classified as very favourable, and appropriate risk management.
In all these points, the insurance company has retained the rating achieved last year and continues to provide clients and business partners with a convincingly high guarantee that it is able to meet all its obligations.
The strong operating performance is supported by the technical result, particularly in the Generali Group's non-life business, where the average combined ratio for the five-year period ending 2021 reached 91.7% as calculated by AM Best. The Generali Group's very favourable business profile is clearly underpinned by the leading positions in its key markets.
The Group has a solid franchise, reinforced by excellent access to markets through its own network and multi-channel distribution strategy. The Group continued to develop its position in key markets in 2021 through acquisitions, in particular the acquisition of Cattolica, which is expected to directly strengthen Generali's leading position in the Czech insurance market.