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A.M. Best Affirms Credit Ratings of UnipolSai Assicurazioni S.p.A.
[June 21, 2018]

A.M. Best Affirms Credit Ratings of UnipolSai Assicurazioni S.p.A.

A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of UnipolSai Assicurazioni S.p.A. (UnipolSai) (Italy). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect UnipolSai's balance sheet strength, which A.M. Best categorises as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

UnipolSai's balance sheet strength is supported by its risk-adjusted capitalisation being at a strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). A.M. Best expects risk-adjusted capitalisation to remain at a strongest level, underpinned by low reinsurance dependence, good internal capital generation and good financial flexibility. An offsetting factor is the concentration of the company's investment portfolio in Italian government bonds, which exposes its risk-adjusted capitalisation to potential volatility. The impact from UnipolSai's holding company, Unipol Gruppo S.p.A., is negative principally due to the group's exposure to the Italian banking sector.

A.M. Best expects operating performance to remain strong, due to a combination of good underwriting profitability, particularly from UnipolSai's non-motor operations, and a positive, albeit limited, contribution from the investment portfolio. The company has a track record of good underwriting performance, with a five-year average combined ratio of 93% (2013-2017).

UnipolSai has a leadng position in the Italian non-life segment, with a particularly strong position in motor. Performance is supported by the company's access to data and sophisticated pricing capabilities, as well as its extensive use of telematics applied to the non-life segment. However, the geographical concentration of its business portfolio in Italy, exposes the company's operations to any adverse changes in the economic and regulatory environment in the country.

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.

A.M. Best is the world's oldest and most authoritative insurance rating and information source. For more information, visit

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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