Moody’s Ratings has upgraded Generali’s insurance financial strength rating (IFSR) to A2 from A3, following the one-notch upgrade of the Italian government’s rating.
“Generali’s ratings are partly constrained by the Italian sovereign rating, driven by the group’s operating income and asset exposure to Italy, along with the domicile and debt issuance from its holding company in Italy. These factors are notably reflected in our assessment of Generali’s asset quality, capital and financial flexibility. An improvement in the Italian sovereign credit quality, therefore, has a positive impact on Generali’s credit quality,” Moody’s explained.
However, the rating agency currently places Generali’s insurance financial strength rating three notches above the Italian sovereign rating, to reflect the firm’s “very strong” business profile, which reportedly benefits from leading positions in its chosen markets in Europe, diversification by business lines and relatively low product risk.
“The rating also reflects Generali’s strong financial profile, despite its exposure to Italian sovereign risk,” Moody’s added.
The rating agency also upgraded the ratings of Generali’s key operating insurance subsidiaries in Italy, France and Germany, revising their outlooks to stable from positive, in line with the group’s overall stable outlook.
Earlier this month, Generali disclosed that gross written premiums reached € 73.1 billion in the first nine months of 2025, up 3.7% from the same period of 2024, driven by a 7.2% increase in P&C.
Meanwhile, the firm’s 9M 2025 operating result grew 10.1% to €5.941 billion, driven by the very strong performance of P&C and supported by positive contributions from all business segments.
