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Rating Action:

Moody's affirms Generali Deutschland's A3 IFSR

02 Oct 2017

Generali Lebensversicherung A3 IFSR also affirmed but outlook revised to negative

London, 02 October 2017 -- Moody's Investors Service today affirmed the A3 insurance financial strength rating (IFSR) of Generali Deutschland AG and its various insurance subsidiaries including Generali Versicherung AG, Generali Lebensversicherung AG (Generali Leben), AachenMuenchener Lebensversicherung AG and Cosmos Lebensversicherungs-AG. The outlooks are stable apart from Generali Leben for which the outlook has been revised to negative from stable.

A list of all affected ratings is available at the end of this press release.

RATINGS RATIONALE

The rating affirmation follows the planned actions recently announced by Assicurazioni Generali S.p.A. (Baa1 IFSR, stable) as part of the launch of the next phase of Generali Deutschland's industrial transformation. Moody's views these actions as positive for new business growth. The negative outlook assigned to Generali Leben reflects the potential constraints on its credit profile as a result of Generali's intention to place it into run-off during Q1 2018, with the possibility to dispose this portfolio in the future.

In terms of the specific actions announced by Generali Deutschland, Moody's believes that the proposed concentration of ten product factories into one to deliver simpler and more innovative products should aid new sales, reduce costs and ultimately simplify the group structure in Germany. New sales are also likely to benefit from the strengthening of the Generali brand in traditional channels, the new exclusive distribution agreement with DVAG involving non-life business, and the expansion of products offered by CosmosDirekt, Germany's largest direct insurer. The Group also estimate that Generali Deutschland's solvency will increase by 26% points as a result of Generali Leben being placed into run-off.

The negative outlook assigned to Generali Leben reflects Moody's view that the credit profile of run-off companies is more constrained than those actively selling new business whose profits can be used to replenish any potential capital erosion. Furthermore, Moody's believes that the placing into run-off of Generali Leben, with the envisaged possibility to sell this portfolio in the future, reduces the likelihood and/or magnitude of future Group support in extreme scenarios.

More broadly, the rating affirmation reflects Generali Deutschland's very strong market position in German life and non-life insurance, a controlled and extensive distribution capability, a prudent non-life reserving policy and a high weight of unit-linked and term life policies in its life portfolio relative to German peers. More negatively, there is a high exposure to interest rate risk as the balance sheet of its life companies remains dominated by traditional products with interest rate guarantees. The rating also factors in the linkages with the Italian parent company Assicurazioni Generali S.p.A.

WHAT COULD MOVE THE RATINGS DOWN/UP

GENERALI DEUTSCHLAND

In terms of rating drivers going forward, Moody's said that factors that could lead to an upgrade include: An improvement in the credit profile of Generali Germany's parent company, Assicurazioni Generali S.p.A., as evidenced by an upgrade of its insurance financial strength rating.

Conversely, factors that could lead to a downgrade include: 1) A deterioration in the credit quality of Italy particularly in case of a more than one notch downgrade of Italy's sovereign rating, which would exert pressure on the credit profile of Generali Germany's parent company; 2) deterioration of solvency and operating performance of the operating companies in Germany.

GENERALI LEBEN

Moody's said that given the negative outlook an upgrade is unlikely.

Conversely, factors that could lead to a downgrade include: 1) deterioration of solvency, operating performance, and asset quality; 2) a disposal of Generali Leben and/or diminished Group support in Moody's view; 3) a deterioration in the credit quality of Italy particularly in case of a more than one notch downgrade of Italy's sovereign rating, which would exert pressure on the credit profile of Generali Germany's parent company.

SUMMARY PROFILE OF AFFECTED GROUP

Headquartered in Munich, Germany, Generali in Germany comprises a holding company, Generali Deutschland AG and several operating companies.

LIST OF AFFECTED RATINGS

Issuer: Generali Deutschland AG

..Affirmation:

....Insurance Financial Strength Rating, affirmed A3

..Outlook Action:

....Outlook remains Stable

Issuer: AachenMuenchener Lebensversicherung AG

..Affirmation:

....Insurance Financial Strength Rating, affirmed A3

..Outlook Action:

....Outlook remains Stable

Issuer: AachenMuenchener Versicherung AG

..Affirmation:

....Insurance Financial Strength Rating, affirmed A3

..Outlook Action:

....Outlook remains Stable

Issuer: Advocard Rechtschutzversicherung AG

..Affirmation:

....Insurance Financial Strength Rating, affirmed A3

..Outlook Action:

....Outlook remains Stable

Issuer: Central Krankenversicherung AG

..Affirmation:

....Insurance Financial Strength Rating, affirmed A3

..Outlook Action:

....Outlook remains Stable

Issuer: Cosmos Lebensversicherungs-AG

..Affirmation:

....Insurance Financial Strength Rating, affirmed A3

..Outlook Action:

....Outlook remains Stable

Issuer: Cosmos Versicherung AG

..Affirmation:

....Insurance Financial Strength Rating, affirmed A3

..Outlook Action:

....Outlook remains Stable

Issuer: Dialog Lebensversicherungs-AG

..Affirmation:

....Insurance Financial Strength Rating, affirmed A3

..Outlook Action:

....Outlook remains Stable

Issuer: Envivas Krankenversicherung AG

..Affirmation:

....Insurance Financial Strength Rating, affirmed A3

..Outlook Action:

....Outlook remains Stable

Issuer: Generali Deutschland Pensionskasse AG

..Affirmation:

....Insurance Financial Strength Rating, affirmed A3

..Outlook Action:

....Outlook remains Stable

Issuer: Generali Lebensversicherung AG

..Affirmation:

....Insurance Financial Strength Rating, affirmed A3

..Outlook Action:

....Outlook changed to Negative from Stable

Issuer: Generali Versicherung AG

..Affirmation:

....Insurance Financial Strength Rating, affirmed A3

..Outlook Action:

....Outlook remains Stable

PRINCIPAL METHODOLOGIES

The principal methodologies used in rating Generali Deutschland AG were Global Life Insurers published in April 2016, and Global Property and Casualty Insurers published in May 2017. The principal methodology used in rating AachenMuenchener Lebensversicherung AG, Cosmos Lebensversicherungs-AG, Dialog Lebensversicherungs-AG, Generali Deutschland Pensionskasse AG and Generali Lebensversicherung AG was Global Life Insurers published in April 2016. The principal methodology used in rating AachenMuenchener Versicherung AG, Advocard Rechtschutzversicherung AG, Central Krankenversicherung AG, Cosmos Versicherung AG, Envivas Krankenversicherung AG and Generali Versicherung AG was Global Property and Casualty Insurers published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Dominic Simpson
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Antonello Aquino
Associate Managing Director
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
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