Please note that the ratings covered by this full analysis apply only to core entities of the group, which are listed below. These ratings do not apply to any noncore or unrated entities of the group. Ratings assigned to noncore entities of the group are published individually. Management's strong commitment to focus growth on profitable lines of business Continued strengthening of enterprise risk management Strong capitalization Limited overall organic growth potential Lower investment result likely to impede future earnings outlook The ratings on Germany-based Gothaer Allgemeine Versicherung AG (GA), Gothaer Lebensversicherung AG (GL), and Gothaer Krankenversicherung AG (GK) reflect our view of the core status of these companies to the strategy of the Gothaer group (Gothaer), due to their close
