Moody’s ups UnipolSai, Unipol

Moody’s Investors Service said it raised the debt ratings for UnipolSai Assicurazioni SpA’s and Unipol Gruppo SpA a notch.

The agency lifted UnipolSai’s issuer and senior unsecured ratings to Ba1 from Ba2 and Unipol’s medium-term note program to (P) Baa3 from (P) Ba1, subordinate regular bond/debenture rating to Ba1(hyb) from Ba2(hyb) and junior subordinated regular bond/debenture rating to Ba2(hyb) from Ba3(hyb).

“The group has also recently strengthened its access to the important bancassurance distribution channel, which will support further growth over 2022-2024 and beyond. In terms of the product risk, Unipol Gruppo has reduced life insurance risk by meaningfully shifting its book to more capital-efficient products with no or lower guaranteed rates; as a result the average guaranteed rate has decreased to 0.96% at the end of Q1 2022 from 1.63% at year-end 2016,” Moody’s said in a press release.

The outlook for both issuers remains stable.

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