SOCIETÀ CATTOLICA DI ASSICURAZIONE S.P.A. Società Cattolica di Assicurazione S.p.A - Lungadige Cangrande 16, 37126 Verona - Italia - Pec cattolica.assicurazioni@pec.gruppocattolica.it - Tel. +39 045 8 391 111 - Fax + 39 045 8 391 112 - Cap. Soc. Euro685.043.940,00 i.v. - C. F. e iscr. Reg. Imp. di VR n. 00320160237 - R.E.A. della C.C.I.A.A. di Verona n. 9962 - P. IVA del Gruppo IVA Cattolica Assicurazioni n. 04596530230 - Albo Imprese presso IVASS n. 1.00012 - Rappresentante del Gruppo IVA Cattolica Assicurazioni - Società soggetta all'attività di direzione e coordinamento da parte della società Assicurazioni Generali S.p.A. - Trieste - Società del Gruppo Generali, iscritto all'Albo dei gruppi assicurativi al n. 26 - Impresa autorizzata all'esercizio delle assicurazioni a norma dell'art. 65 R.D.L. numero 966 del 29 aprile 1923.
COMUNICATO STAMPA
STANDARD & POOR'S HAS AFFIRMED CATTOLICA'S RATING AT "A" AND ALIGN THE OUTLOOK TO THAT OF THE SOVEREIGN DEBT OF ITALY
Verona, 29 July 2022. Today Standard & Poor's has affirmed Cattolica's rating at A while aligning the outlook, according to the Agency's policy, to that of the sovereign debt of Italy, revised on 26 July 2022, from positive to stable.
SOCIETÁ CATTOLICA DI ASSICURAZIONE
Cattolica Assicurazioni, società del Gruppo Generali, è uno dei maggiori attori del mercato assicurativo italiano, quotata alla Borsa di Milano dal 2000. Con circa 3,5 milioni di clienti che si affidano alle soluzioni assicurative e ai prodotti distribuiti, Cattolica e le sue controllate contano su 1.338 agenzie diffuse su tutto il territorio nazionale, sia nei grandi che nei piccoli centri, e su una rete di 1.840 agenti. Cattolica privilegia la tutela assicurativa delle persone, delle famiglie e delle realtà produttive, con una attenzione particolare al territorio e ai contesti sociali ed economici in cui esse operano.
CONTATTI
Chief Financial Officer | Media Relations Office |
Atanasio Pantarrotas, CFA | Erminia Frigerio - Media Relations |
Tel. +39 045 8391738 | erminia.frigerio@cattolicaassicurazioni.it |
Investor.relations@cattolicaassicurazioni.it | Tel +39 337 1165255 |
Angelo Cipriani - Media locali | |
Tel. +39 347 5074052 | |
angelo.cipriani@cattolicaassicurazioni.it |
Research Update:
Societa Cattolica Assicurazione Outlook Revised To
Stable From Positive Following Action On Italy; 'A'
Affirmed
July 29, 2022
Overview
- On July 26, 2022, we revised our outlook on Italy (unsolicited; BBB/Positive/A-2) to stable from positive and affirmed the sovereign ratings.
- In our view, Generali group would be resilient to a potential default of Italy but its material exposure to Italian assets creates sensitivity to country risk.
- Therefore, we limit the rating on Generali's core subsidiary Societa Cattolica Assicurazione (Cattolica) to three notches above our rating on Italy.
- We consequently revised our outlook on Cattolica to stable from positive and affirmed our 'A' ratings on the insurer.
- The stable outlook mirrors that on Italy.
PRIMARY CREDIT ANALYST
Sebastian Dany
Frankfurt
+ 49 693 399 9238
sebastian.dany
@spglobal.com
SECONDARY CONTACT
Taos D Fudji
Milan
+ 390272111276
taos.fudji
@spglobal.com
Rating Action
On July 29, 2022, S&P Global Ratings revised its outlook on Italy-based insurer Societa Cattolica Assicurazione (Cattolica) to stable from positive. At the same time, we affirmed the 'A' long-term issuer credit and insurer financial strength ratings on the insurer.
Rationale
The rating action follows that on Italy (see "Italy Outlook Revised To Stable From Positive On Risks To Reforms; Ratings Affirmed," published July 26, 2022, on RatingsDirect).
We regard Cattolica as a core subsidiary within the Generali group. We believe Generali would be resilient to a hypothetical Italian default, based on our estimate that the group would not entirely deplete its regulatory capital base in our sovereign stress test.
We have applied the sovereign stress test because we estimate that Generali group's exposure to
www.spglobal.com/ratingsdirect | July 29, 2022 1 |
Research Update: Societa Cattolica Assicurazione Outlook Revised To Stable From Positive Following Action On Italy; 'A' Affirmed
Italy (excluding unit-linked and third-party assets under management) is material and likely to be close to 25% of general account investments. We estimate that Generali would pass our stress test comfortably and therefore be able to support its subsidiaries in case of need. Nevertheless, the group's material exposure to Italian assets results in moderate to high sensitivity to country risk, encompassing our view of potential negative events not included on our sovereign stress test (such as a deposit freeze). Therefore, we would not rate Cattolica more than three notches above Italy.
In our assessment of Cattolica as core for Generali, we note that the acquisition has materially increased the group's share of Italy's property/casualty insurance market to more than 20%. We believe the Cattolica's integration into Generali is proceeding speedily.
Our stand-alone credit profile assessment for Cattolica of 'bbb+' reflects the company's strong market position in retail and small business property/casualty insurance in Italy and satisfactory financial risk profile.
Outlook
The stable outlook on Cattolica mirrors that on Italy and our expectation that Generali group will remain resilient to potential sovereign stress.
Upside scenario
We could raise the rating on Cattolica over the next 12-24 months if we upgrade Italy and our current assessment of Generali group's creditworthiness has not weakened.
Downside scenario
We could lower the rating on the insurer over the next 12-24 months if we lower the sovereign ratings on Italy.
Ratings Score Snapshot
To | From | |
Business Risk Profile | Strong | Strong |
Competitive position | Strong | Strong |
IICRA | Intermediate risk | Intermediate risk |
Financial Risk Profile | Satisfactory | Satisfactory |
Capital and earnings | Satisfactory | Satisfactory |
Risk exposure | Moderately low | Moderately low |
Funding structure | Neutral | Neutral |
Anchor* | bbb+ | bbb+ |
Modifiers | ||
Governance | Neutral | Neutral |
Liquidity | Exceptional | Exceptional |
Comparable ratings analysis | 0 | 0 |
www.spglobal.com/ratingsdirect | July 29, 2022 2 |
Research Update: Societa Cattolica Assicurazione Outlook Revised To Stable From Positive Following Action On Italy; 'A' Affirmed
Support | 2 | 2 |
Financial Strength Rating | A | A |
*The choice of the 'bbb+' anchor reflects our view of earnings volatility and Cattolica's reduced market position in life insurance.
ESG credit indicators: E2, S2, G2
Related Criteria
- General Criteria: Hybrid Capital: Methodology And Assumptions, March 2, 2022
- General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021
- General Criteria: Group Rating Methodology, July 1, 2019
- Criteria | Insurance | General: Insurers Rating Methodology, July 1, 2019
- General Criteria: Ratings Above The Sovereign--Corporate And Government Ratings: Methodology And Assumptions, Nov. 19, 2013
- General Criteria: Principles Of Credit Ratings, Feb. 16, 2011
- Criteria | Insurance | General: Refined Methodology And Assumptions For Analyzing Insurer Capital Adequacy Using The Risk-Based Insurance Capital Model, June 7, 2010
Related Research
- Italy Outlook Revised To Stable From Positive On Risks To Reforms; Ratings Affirmed, July 26, 2022
- Societa Cattolica di Assicurazione Ratings Raised To 'A' On Generali Buyout; Outlook Positive, July 14, 2022
Ratings List
Ratings Affirmed; Outlook Action
To From
Societa Cattolica di Assicurazione
Issuer Credit Rating
Local Currency | A/Stable/-- | A/Positive/-- |
Financial Strength Rating | ||
Local Currency | A/Stable/-- | A/Positive/-- |
Ratings Affirmed
Societa Cattolica di Assicurazione
SubordinatedBBB+
www.spglobal.com/ratingsdirect | July 29, 2022 3 |
Research Update: Societa Cattolica Assicurazione Outlook Revised To Stable From Positive Following Action On Italy; 'A' Affirmed
Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. A description of each of S&P Global Ratings' rating categories is contained in "S&P Global Ratings Definitions" at https://www.standardandpoors.com/en_US/web/guest/article/-/view/sourceId/504352 Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column. Alternatively, call one of the following S&P Global Ratings numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49)
69-33-999-225; or Stockholm (46) 8-440-5914
www.spglobal.com/ratingsdirect | July 29, 2022 4 |
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Società Cattolica di Assicurazione Soc. Coop. published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 11:37:10 UTC.
