Additionally, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of debt instruments issued or guaranteed by Generali. Concurrently, AM Best has assigned an FSR of A+ (Superior) and a Long-Term ICR of “aa-” (Superior) to Generali Towarzystwo Ubezpieczen S.A. The outlook assigned to these ratings is stable.
The ratings reflect Generali’s balance sheet strength, its strong operating performance, very favourable business profile and appropriate enterprise risk management.
According to AM Best, Generali’s strong operating performance is driven by solid technical performance across its main business lines. The non-life business maintained a discounted combined ratio of 94.0% in 2024, as calculated by AM Best. Life’s New Business Margin remained strong at 4.60%, however lower than 2023 (5.78%), as reported by the group. The group experienced net inflows in life business in 2024 amounting to EUR 9.6 billion, while outflows on traditional savings products greatly decreased as a result of the commercial actions taken in Italy and France and the normalization of lapse rates. Separate account business (unit-linked) and life protection products recorded positive inflows. The group continued to report net inflows in life business of EUR 10.4 billion at the end of the third quarter of 2025, highlighting its improved protection, health and savings offerings.
The full report can be found here.
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