Significant events after 12.31.2014
In January, the Generali Group completed the takeover of Generali PPF Holding B.V. (GPH), acquiring the remaining 24% of shares held by the PPF Group, in line with the agreements signed on 8 January 2013. With the acquisition of the full control of the shares in GPH, the operational holding company in Central-Eastern Europe, one of the biggest insurance players of the area, changed its company name to Generali CEE Holding B.V..
The purchase of the remaining shares of GPH was completed in line with the terms previously announced to the market for a final price of € 1,245.5 million.
On 13 February 2015, at Generali’s request, Standard & Poor’s withdrew its rating relative to the Group which consequently will not be evaluated by the agency. The decision is based on the obvious and inexplicable inflexibility of S&P's criteria that does not allow to take into account the significant improvement of the financial solidity achieved by the Group over the past two years. Furthermore, the mechanical link to the sovereign rating applied by S&P's does not give merit to the Group’s high level of diversification or the benefits of its broad geographical presence. In line with industry norms, Generali will remain rated by three major rating agencies: Moody’s (Baa1), Fitch (A-) and A.M. Best (A).