International rating agency Standard & Poor’s announced that had affirmed “it’s double-‘A’ long-term counterparty credit and financial strength ratings and its double-‘A’-minus senior unsecured ratings on Italian-based insurer Assicurazioni Generali SpA (Generali).” It also affirmed double-‘A’ ratings on its financial subsidiaries, Generali Finance B.V. and Assitalia SpA, and on recently acquired Istituto Nazionale delle Assicurazioni SpA (INA).
“The ratings reflect the Generali group’s very strong capital base, enhanced business position following the acquisition of the INA group, the smooth and progressive integration of recent acquisitions (most notably Aachener und Muenchener Beteiligungs AG; AMB), and the expected improving earnings performance,” said the announcement.
S&P stressed that: “The Generali group has an extremely strong business portion, which is highly diversified, both geographically and in terms of insurance activity.” In addition to being Italy’s largest insurer, it’s Europe’s 3rd largest, behind AXA and Allianz, and “operates in more than 50 countries.” It’s expected to have gross premium of € 44.4 billion ($40.62 billion) for the year 2000.
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