R+V Versicherung AG

The stable outlook on RVV and subsidiary KLog reflects that on DZ BANK AG and Germany's cooperative banking sector. We expect both entities will remain integral to DZ BANK AG, given their role and contributions to the cooperative sector's business strategy. The ratings on RVV and KLog consequently move in tandem with those on the core subsidiaries of the cooperative banking sector. The stable outlook on the Cooperative Banking Sector Germany, including all core group members, reflects our expectation that while a part of the client base and revenue streams could be lost to competitors, the sector's further investments into its digital competencies will substantially defend its strong market position and avoid material reduction in earnings over the next two

...R+V Versicherung AG (RVV) continues to be integral to DZ Bank. R+V Group is the main insurance provider for Germany's large cooperative banking sector. The insurance group complements the sector's full financial services offering by distributing P/C, life, and health insurance products to the cooperative banks' customers. The ratings on RVV reflect S&P Global Ratings' view of the intrinsic role as the operating holding and reinsurance company of R+V Group, which, in our view, is a core business of its majority shareholder and central bank of the German cooperative sector, DZ BANK AG Deutsche Zentral-Genossenschaftsbank (A+/Stable/A-1). RVV's core status is further supported by its strategic role within the sector and its commission-generating capacity, cost-sharing function, and comprehensive integration in risk management. In addition, KRAVAG-LOGISTIC Versicherungs- AG (KLog) remains a core group entity. Our analysis on R+V Group reflects the company's well-established position in the...

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