Moody's on Dec. 9 revised to negative from stable the outlooks on a pair of Italian insurers, prompted by the revision to negative of the outlook on the Italian sovereign.

The agency also affirmed the Baa2 insurance financial strength rating of UnipolSai Assicurazioni SpA and the A3 insurance financial strength rating of Allianz Group's Allianz SpA. The outlook revisions primarily reflect the companies' exposure to Italian sovereign risk in terms of their investment portfolios and business profiles.

Moody's also revised to negative from stable the outlook on UnipolSai parent Unipol Gruppo Finanziario SpA and affirmed its Ba2 long-term issuer rating.

The agency affirmed the Baa1 insurance financial strength rating of Generali, with a stable outlook, primarily reflecting its diversification outside Italy. It also affirmed the Baa1 insurance financial strength rating of Generali Italia SpA with a stable outlook, reflecting the stable outlook on the parent company.