...Capital Supportive of Ratings: Capitalisation is a key driver for German non-life insurers' ratings. The four insurers in this peer group scored very strong or strong for the `capitalisation and leverage' key credit factor. Fitch Ratings' Prism Factor-Based Capital Model (FBM) scores ranged from `Extremely Strong' to `Strong' at end-2019. Fitch expects these to have been broadly maintained at end-2020. Strong Business Profiles: We regard all four insurers' business profiles as at least strong. In terms of operating scale, all score `moderate' except R+V Allgemeine Versicherung AG (R+V), which scores `favourable'. All four have strong market positions within the German market. R+V is one of the largest five within the German primary insurance market, and includes notable international reinsurance operations. We therefore rank R+V's business profile as superior to its peers'. Strong Financial Performance: We expect the peers to report strong underwriting profitability for 2020 and 2021, in...
