AM Best Affirms Credit Ratings of Unipol Assicurazioni S.p.A.
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Unipol Assicurazioni S.p.A. (Unipol) (Italy). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Unipol’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
Unipol’s balance sheet strength is underpinned by its strongest risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR). The BCAR includes partial credit for subordinated debt. Furthermore, the company reported a solid Solvency II SCR ratio of 230% as of year-end 2025 (2024: 212%). Factors supporting the balance sheet strength assessment include the company’s low reinsurance dependence, good internal capital generation, as well as strong liquidity and financial flexibility. The company had a positive adjusted financial leverage ratio of 17.7% at year-end 2025, as calculated by AM Best, including hybrid equity credit, and strong interest coverage. A partially offsetting rating factor is the material, albeit reducing, concentration of Unipol’s investment portfolio in Italian government bonds (28.9% of investments at year-end 2025), which exposes its risk-adjusted capitalisation to volatility. Furthermore, strategic investments in Italian banking affiliates add to overall asset risk.
