...Exposed to Italian Asset Risk: The ratings of Unipol Gruppo SpA and UnipolSai Assicurazioni S.p.A. (together, Unipol) reflect the group's strong and resilient capitalisation and strong underlying insurance financial performance. However, Unipol's ratings are heavily influenced by the concentrated ¡ albeit reduced ¡ exposure to Italian sovereign debt of EUR32 billion, or 4x consolidated shareholders' equity, at end-2017. Constrained by Sovereign Rating: Unipol's unconstrained Insurer Financial Strength (IFS) assessment is `BBB+'. Unipol's IFS rating is constrained by Italy's sovereign rating, as the insurer has large exposure to Italian sovereign debt. Strong Capitalisation: Fitch Ratings' view on Unipol's capital is driven by the group's score under Fitch's Prism Factor Based Model (Prism FBM). This was `Strong' based on end-2017 data, above our expectations and despite about EUR1 billion charges due to Unipol Banca S.p.A.'s restructuring. Fitch believes Unipol's strong capital could remain...
