Generali secures IFS rating upgrade from Fitch

Italian insurer  Generali has been upgraded by  Fitch Ratings on continuous improvement of the group's credit profile and strong operating performance.

Fitch Ratings has upgraded Generali’s insurer financial strength (IFS) rating to “A+” from “A” with a stable outlook. The agency has also upgraded its long-term issuer default rating (IDR) to 'A' from 'A-'.

The upgrades reflect the consolidation of Generali's very strong capitalisation and moderate financial leverage, Fitch said.

It also reflects Generali's reduced sovereign investment concentration risk, despite a fall in shareholders' equity as interest rates rose in 2022, it noted.

The ratings continue to reflect Generali's very strong company profile and strong and resilient operating performance.

Fitch has chosen to withdraw the ratings of certain Generali entities for commercial reasons. Fitch will continue to maintain the IFS Rating of Generali and some of its core operating entities.

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