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Rating Action:

Moody’s affirms ratings with a stable outlook of Generali Deutschland AG and its main operations; assigns new ratings to Dialog Versicherung AG; withdraws rating on AachenMuenchener Versicherung AG

22 October 2019


Frankfurt am Main , October 22, 2019 – Moody's Investors Service ("Moody's") today affirmed the A3 insurance financial strength rating (IFSR) of the operating entities that collectively form Generali Germany. At the same time Moody's assigned an A3 IFSR to Dialog Versicherung AG (Dialog Versicherung) and withdrew the rating on AachenMuenchener Versicherung AG following its merger with Generali Versicherung AG, which subsequently has been renamed as Generali Deutschland Versicherung AG. The outlooks on all issuers remains stable.

A full list of affected ratings can be found at the end of this press release.

RATINGS RATIONALE

– Affirmation of IFRS of A3 with stable outlook on Generali Germany's operating companies

The affirmation reflects Generali Germany's strong stand-alone credit profile, partially constrained by the rating of its parent, Assicurazioni Generali S.p.A (Assicurazioni Generali). In terms of its standalone credit profile, Generali Germany benefits from (i) a market leading position in the German market, (ii) strong distribution capacity and below peers' product risk, given the recent disposal of Generali Leben with its back book of mainly traditional guaranteed rate savings products, and (iii) strong capitalisation and profitability. Partially offsetting this are (i) Generali Germany's elevated high-risk asset exposure and (ii) its still high exposure to interest rate risk, the latter despite the aforementioned sale of Generali Leben. Furthermore, Generali Germany is increasing its reliance on its very successful distribution channel via Deutsche Vermögensberatung AG.

Outlook

The stable outlook reflects the stable outlook on its parent company, Assicurazioni Generali.

– Assignment of IFRS of A3 with stable outlook to Dialog Versicherung AG

The assignment of the A3 IFRS to Dialog Versicherung AG reflects Moody's view that Dialog Versicherung is a core entity of the operating companies collectively forming Generali Germany. Dialog Versicherung has recently been established as part of the new strategic principles of Generali Germany, one of which is to align the group's brands and distribution channels. As a result, all broker business will be concentrated in entities carrying the Dialog brand. Dialog brand is already well-established in the German broker market via Dialog Lebensversicherungs-AG, a life insurer focused on selling protection life insurance products and, with the establishment of Dialog Versicherung, will going forward be used also to sell property-casualty products. A significant share of former Generali Versicherung AG's inforce book – the part associated with the broker channel – has already been transferred to Dialog Versicherung, so that the new entity has a sizable inforce book and thus a good base to start business. Dialog Versicherung's operations are highly integrated with the larger Generali Germany, with mostly identical management and functions such as investment, risk, and product management centralized within the German group. Generali Germany's ability to provide support is strong, given its strong capitalisation, and a profit and loss transfer agreement is in place, whereby losses at Dialog Versicherung AG will be covered by the parent.

Outlook

The stable outlook reflects the stable outlook on its ultimate parent company, Assicurazioni Generali.

– Withdrawal of IFRS of A3 with stable outlook from AachenMuenchener Versicherung AG

The withdrawal of the ratings follows the merger of AachenMuenchener Versicherung AG with Generali Deutschland Versicherung AG.

WHAT COULD CHANGE THE RATING UP/DOWN

Whilst unlikely given the stable outlook, positive rating pressure could arise from an improvement in the credit profile of Generali Germany's parent company, Assicurazioni Generali, as evidenced by an upgrade of its insurance financial strength rating.

Conversely, negative rating pressure could arise from (i) a further deterioration in the credit profile of Italy, as evidenced by a downgrade of Italy's sovereign rating and/or (ii) a significant deterioration of solvency and operating performance of the operating companies in Germany.

AFFECTED RATINGS

The following ratings were affirmed at insurance financial strength rating at A3:

Generali Deutschland AG

AachenMuenchener Lebensversicherung AG

Advocard Rechtschutzversicherung AG

Central Krankenversicherung AG

Cosmos Lebensversicherungs-AG

Cosmos Versicherung AG

Dialog Lebensversicherungs-AG

Envivas Krankenversicherung AG

Generali Deutschland Pensionskasse AG

Generali Deutschland Versicherung AG

The outlook on these companies remains stable.

The following rating was assigned:

Dialog Versicherung AG: Insurance financial strength rating of A3

The outlook on this company is stable.

The following rating and outlook were withdrawn:

AachenMuenchener Versicherung AG, Insurance financial strength rating previously A3 with stable outlook

PRINCIPAL METHODOLOGIES

The principal methodologies used in rating Generali Deutschland AG were Property and Casualty Insurers published in May 2018, and Life Insurers published in May 2018. The principal methodology used in rating AachenMuenchener Lebensversicherung AG, Cosmos Lebensversicherungs-AG, Dialog Lebensversicherungs-AG and Generali Deutschland Pensionskasse AG was Life Insurers published in May 2018. The principal methodology used in rating Advocard Rechtschutzversicherung AG, Central Krankenversicherung AG, Cosmos Versicherung AG, Dialog Versicherung AG, Envivas Krankenversicherung AG and Generali Deutschland Versicherung AG was Property and Casualty Insurers published in May 2018. 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, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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.

Christian Badorff
VP-Senior Analyst
Financial Institutions Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main
Germany
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 Deutschland GmbH
An der Welle 5
Frankfurt am Main, 60322
Germany
JOURNALISTS : 44 20 7772 5456
Client Service : 44 20 7772 5454

© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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