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Fitch downgrades Generali Leben

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Fitch downgrades Generali Leben

Fitch Ratings on Oct. 4 downgraded Generali Lebensversicherung AG's insurer financial strength rating to BBB+ from A-, following ultimate parent Generali's announcement that the unit will be put into run-off as of the first quarter of 2018 and will cease writing new business.

Fitch revised its view of Generali Leben's strategic importance relative to the Generali group to "limited importance" from "core," reflecting its expectation of future reduced synergies between the unit and the group's German operations and an increased probability of a disposal.

At the same time, the rating agency affirmed the A- insurer financial strength ratings of Generali subsidiaries AachenMünchener Lebensversicherung AG, AachenMünchener Versicherung AG, AdvoCard Rechtsschutzversicherung AG, Central Krankenversicherung AG, Cosmos Versicherung AG, Cosmos Lebensversicherungs-AG, Dialog Lebensversicherungs-AG, Generali Deutschland AG, Generali Deutschland Pensionskasse AG, Generali Versicherung AG and ENVIVAS Krankenversicherung AG.

The outlook on all the ratings is stable.