Improved and now strong P/C operating performance thanks to a sharp turnaround of the motor book. Strong competitive position in the Italian insurance market. Strong financial flexibility sustained by a debt-free balance sheet. Weakened capital adequacy. Only good life operating performance. The ratings on Italian insurer Società Cattolica di Assicurazione (Cattolica) reflect Standard&Poor's Ratings Services' view of the group's strong P/C operating performance, strong competitive position in the Italian market, and strong financial flexibility. Partly offsetting these credit strengths is our assessment of Cattolica's weakened capital adequacy and only good life operating performance. In a very difficult market for P/C in Italy, particularly for the motor business where performance has deteriorated severely, Cattolica posted a net combined ratio
