Generali’s solvency ratio falls on risk-free rate changes
Regulatory changes increased present value of liabilities
Italian insurance giant Generali posted a 10-percentage point decline to its Solvency II ratio over the first quarter, as regulatory changes eroded its eligible own funds.
The firms’ preliminary Solvency II ratio was 207% at end-March, down from 217% at end-2018 and 211% the same quarter a year ago.
Changes made by Europe's insurance watchdog to the risk-free rate used to discount long-term liabilities, known as the ultimate forward rate (UFR), shaved off one percentage point, and a shake-up
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