Fourth-largest insurance group in Germany, with a market share of about 7.3%. Very strong competitive position, based on a sustainably very successful bancassurance business model and diverse business mix. Insurance products complement cooperative banks' financial-services offering to retail and small and midsize enterprise (SME) clients. Above-market-average growth in all primary insurance segments, i.e. life, health, and property and casualty (P&C) insurance in 2014, albeit with an dampened outlook for 2015. Our expectation that current 'AA' capital adequacy will weaken into the 'A' range in 2015-2016, because of further business growth and the profit-transfer agreement with parent DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK). Exceptional €553 million net income in 2014, inflated by unrealized gains from investments and therefore unlikely to
