... NordWest group (PNW) and therefore Westfaelische Provinzial Versicherung AG (WPV) and Provinzial NordWest Lebensversicherung AG (PNW Leben) are owned by, and are an integral part of, the Sparkassen-Finanzgruppe (SFG; IDR, A+/Stable). WPV's and PNW Leben's unadjusted IFS credit profiles benefit from a one-notch uplift due to their ultimate ownership by SFG. We align their implied IDRs with SFG's IDR. Ownership Positive: PNW's insurance activities form a core part of SFG's product offering to its customers in a specified geographical area. SFG's network is the main distribution channel for PNW Leben as 61% of its life business is sold by SFG. PNW's brand and agency network is closely linked to SFG banks, which provide bancassurance products to many of PNW's customers. Although PNW is not part of SFG's mutual protection scheme, Fitch Ratings sees a high probability that SFG would provide support for PNW if required. Very Strong Capitalisation:...
