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A.M. Best has affirmed UnipolSai Assicurazioni's ratings tp A-, stable outlook

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 of UnipolSai, the main operating entity of Unipol Gruppo Finanziario S.p.A. , reflect its well-established market position as one of the leading insurers in Italy, its solid risk-adjusted capitalisation and its good operating performance, reads A.M.Best's press release.

An offsetting rating factor is the company's exposure to Italian government bonds, which represent a significant, albeit decreasing share of its investment portfolio. The company's underwriting portfolio also is concentrated in Italy, where economic growth is slow. These rating factors are mitigated partly by the company's solid risk management.

UnipolSai was created on 6 January 2014, following the merger of Fondiaria-Sai S.p.A., Milano Assicurazioni S.p.A., Premafin HP S.p.A. and Unipol Assicurazioni S.p.A. The company is the leading insurer in the non-life market in Italy, with a large motor third-party liability portfolio, and has a strong position in the domestic life market.

Since the merger, UnipolSai has streamlined its operations and consolidated its strong competitive position in Italy, which is supported by a network of agencies across the country. Significant claims data, as well as investment in telematics solutions and tools such as a claims settlement model, should continue to support pricing, customer service and claims handling, with positive implications for underwriting results.

In each of its first three years of operation as a combined entity, UnipolSai has reported good operating results, with consolidated pre-tax profits of EUR 681 million in 2016, EUR 1,044 million in 2015 and EUR 1,142 million in 2014. In 2016, positive contribution came from the technical account (with a non-life combined ratio of 95.7% and a life new business margin of 17%) and investments. A.M. Best expects the strengthening of UnipolSai's leading position in digital innovation to support prospective performance.

Author: Daniela GHETU on 15.06.2017

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