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FOR IMMEDIATE RELEASE
LONDON - JANUARY 17, 2018 01:13 PM (EST)
A.M. Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “a-” of Generali Lebensversicherung A.G. (Generali Leben) (Germany). The Credit Ratings (ratings) have been removed from under review with negative implications. The outlook assigned to the FSR is stable, whilst the outlook assigned to the Long-Term ICR is negative. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in the A.M. Best’s interactive rating process.
The ratings reflect Generali Leben’s balance sheet strength, which A.M. Best categorises as adequate, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in rating enhancement from Generali Leben’s ultimate parent, Assicurazioni Generali S.p.A. (Generali). The rating actions reflect the added pressure that has been placed on Generali Leben’s rating fundamentals by the Generali group’s decision to put this company into run-off in the first quarter of 2018, and the uncertainty surrounding the level of support Generali Leben could receive from Generali in the future, as the group has not excluded the possibility of disposing of Generali Leben’s portfolio.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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