Generali confirms solid capital position after Fitch downgrade

MILAN, May 5 (Reuters) - Italy’s top insurer Assicurazioni Generali confirmed its solid capital position on Tuesday following a downgrade by Fitch Ratings.

On Tuesday Fitch cut Generali’s Insurer Financial Strength rating to ‘A-’ (Strong) from ‘A’ (Strong) after the downgrade of Italy’s sovereign rating over the coronavirus emergency.

“Although the effects of the COVID-19 pandemic are still uncertain at the moment, the Solvency II ratio remains solid and has always stayed within the desired range,” Generali said.

The insurer said it had already reached its objective of reducing the size of its debt and even exceeded the goal of lowering its cost. (Reporting by Stephen Jewkes; editing by Valentina Za)