Strong non-life underwriting discipline Strong and improving capitalization Strong management commitment to value-based management principles Competitive profile of Gothaer Lebensversicherung AG still in recovery phase Sustained success of new distribution initiative still to be proven The ratings on Gothaer Allgemeine Versicherung AG (GA) and Gothaer Lebensversicherung AG (GL) reflect their roles as core operating entities within the Germany-based Gothaer insurance group (Gothaer). Factors supporting the ratings are the group's continued strong non-life underwriting discipline and strong and improving capitalization based on recovering earnings and capital measures, as well as strong management commitment to value-based management principles. These strengths are partially offset by the still weaker, although recovering, profile of GL. In addition, Gothaer's distribution initiative has yet to translate into
