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. Well diversified portfolio across lines of business. Management's strong commitment to focus growth on profitable business. Strong underwriting performance in property/casualty insurance. Fairly high exposure to credit risk in the bond portfolio. Sensitivity of the financial profile to low interest rates, particularly for the life insurance book. The ratings on Germany-based Gothaer Allgemeine Versicherung AG (GA), Gothaer Lebensversicherung AG (GL), and Gothaer Krankenversicherung AG (GK) reflect our view that these companies are core
