Fitch Rates Assicurazioni Generali's Tier 2 Subordinated Notes 'A-'

About this update from Assicurazioni Generali S.p.a.

Fitch Ratings has assigned Assicurazioni Generali S.p.A .'s (Generali) EUR750 million subordinated Tier 2 notes an 'A-' rating. The rating is two notches below Generali's 'A+' Issuer Default Rating (IDR), comprising one notch each for 'below-average' recovery prospects and 'moderate' non-performance risk, in line with Fitch's notching criteria. Key Rating Drivers The subordinated notes have a maturity of 11 years and carry a fixed coupon. They rank junior to senior notes and equally with senior subordinated securities. This level of subordination results in Fitch's 'below-average' baseline recovery assumption. The notes include a mandatory interest deferral feature, which would be triggered if the group is not able to meet the applicable solvency capital requirement. Fitch regards this feature as leading to 'moderate' non-performance risk under its criteria. The notes qualify as Tier 2 regulatory capital under Solvency II and are therefore treated as 100% capital in Fitch's Prism Global Model. However, as they are a dated instrument, we treat them as 100% debt in our financial leverage ratio calculation. We view the issue as neutral to Generali's capitalisation and leverage as we expect the group to use the proceeds to refinance part of about EUR1.75 billion outstanding subordinated notes that mature in 2027. Consequently, we view the increase in financial leverage from the issue to be only temporary. Fitch expects Generali's fixed-charge coverage to remain strong and commensurate with its ratings. The issue extends Generali's maturity profile and underlines the group's strong financial flexibility. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The notes will be downgraded if Generali's IDR is downgraded. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The notes will be upgraded if Generali's IDR is upgraded. Date of Relevant Committee 05 November 2025 REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores . RATING ACTIONS Entity / Debt Rating Type Rating Rating Action Assicurazioni Generali S.p.A . subordinated LT A- New Rating Page of 1 VIEW ADDITIONAL RATING DETAILS Additional information is available on www.fitchratings.com PARTICIPATION STATUS The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure. APPLICABLE CRITERIA Insurance Rating Criteria (pub. 05 Mar 2024 ) (including rating assumption sensitivity) APPLICABLE MODELS Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s). Prism Global (ex- U.S. ) Model, v1.8.2 (1) ADDITIONAL DISCLOSURES Solicitation Status Endorsement Policy ENDORSEMENT STATUS Assicurazioni Generali S.p.A . EU Issued, UK Endorsed DISCLAIMER & DISCLOSURES All Fitch Ratings (Fitch) credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link: https://www.fitchratings.com/understandingcreditratings . In addition, the following https://www.fitchratings.com/rating-definitions-document details Fitch's rating definitions for each rating s Read More Solicitation Status The ratings above were solicited and assigned or maintained by Fitch at the request of the rated entity/issuer or a related third party. Any exceptions follow below. Fitch's solicitation status policy can be found at www.fitchratings.com/ethics. Endorsement Policy Fitch's international credit ratings produced outside the EU or the UK , as the case may be, are endorsed for use by regulated entities within the EU or the UK , respectively, for regulatory purposes, pursuant to the terms of the EU CRA Regulation or the UK Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019, as the case may be. Fitch's approach to endorsement in the EU and the UK can be found on Fitch's Regulatory Affairs page on Fitch's website. The endorsement status of international credit ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for structured finance transactions on the Fitch website. These disclosures are updated on a daily basis. (C) 2026 Electronic News Publishing, source ENP Newswire

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