Despite goodwill impairments stemming from the renegotiation of the joint-venture terms with BancoBPM, Societa Cattolica di Assicurazione's (Cattolica's) underlying profitability was satisfactory in 2020. Furthermore, we believe Cattolica's profit will remain anchored by its strong market position in Italian property and casualty policies, mainly sold through agent networks. We are therefore affirming our 'BBB' ratings and maintaining the 'bbb+' standalone credit profile, taking into account the influence of the sovereign rating on Italy (BBB/Stable/A2). The stable outlook mirrors that on Italy. On March 25, 2021, S&P Global Ratings affirmed its 'BBB' insurer financial strength and issuer credit ratings on Italy domiciled Societa Cattolica di Assicurazione (Cattolica; see the ratings list below for further details). The outlook is stable. Cattolica has
