Summary: UGF Group Oct 09
- ID: 1723687
- October 2009
- Standard & Poors
The ratings on Italy-based composite insurer UGF group (UGF), its core operating entity UGF Assicurazioni SpA (insurer financial strength rating A-/Stable), and its holding company Unipol Gruppo Finanziario SpA (counterparty credit rating BBB/Stable/--) reflect its strong competitive position in the Italian insurance market; strong, albeit pressured, earnings; and strong financial flexibility. Offsetting factors are UGF's high dependence on nonproprietary channels and concentration on a single-name distribution network, which constrain its competitive position and the profitability of its life business. UGF has a strong competitive position in the Italian insurance market, achieved through a well-recognized brand name, particularly in the northern Italian regions, and a solid, stable customer base. The group targets mainly retail customers and small and midsize enterprises (SMEs),...
Companies mentioned in this report are:
- Unipol Gruppo Finanziario SpA
- Unipol Assicurazioni SpA
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