Leading Italian insurer, ranking top five in the property/casualty (P/C) market and top 10 in the life segment. Well-diversified insurance portfolio and multi-distribution strategy enhanced by a large agency network and long-term distribution agreements with Italian leading banks, including UBI and ultimately Banco BPM (BBPM). Profitable PC portfolio sustained by sound underwriting and stabilizing claims in Italy, as demonstrated by the five-year average combined ratio of 95%. Large exposure to Italian assets, which limit the ratings on Cattolica to those on Italy. Weakened level of capital adequacy, as measured by our capital model, resulting from low retained earnings and recent acquisition of JVs with BBPM. Limited overall profitability over the past five years, constrained by the life and non-motor insurance
