R+V Versicherung AG

The stable outlook on RVV and subsidiary KLog mirrors that on DZ BANK AG and the Cooperative Banking Sector Germany. 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 the sector will maintain its strong capitalization and solid operating profitability, providing a strong buffer to absorb valuation and credit losses that arise over 2022 and 2023 amid increasing rates and the economic downturn. We could lower our ratings

...R+V Versicherung AG (RVV) remains 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 cooperative banks' customers. The ratings on RVV reflect S&P Global Ratings' view of its 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 German insurance...

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