Strong and sustainable property and casualty (P/C) operating performance. Strong competitive position in the Italian insurance market. Management's ability to deliver results in a disciplined and credible way, even under difficult market conditions. Weakened capital adequacy, our assessment of which is good, but lower than we might expect at this rating level. Still limited life business profitability. The ratings on Italian insurer Società Cattolica di Assicurazione (Cattolica) reflect Standard&Poor's Ratings Services' view of the group's strong property and casualty (P/C) operating performance, strong competitive position in the Italian market, and the management's ability to deliver. Partly offsetting these credit strengths is Cattolica's weakened capital adequacy--our assessment of which is good, but lower than we might expect at this
