The ratings on Germany-based holding company and reinsurer R+V Versicherung AG (RVV) are based mainly on the financial strength that RVV derives from its core operating subsidiaries, R+V Lebensversicherung AG (RVL; Api/--/--) and R+V Allgemeine Versicherung AG (RVA; Api/--/--), which together form the major parts of the R+V group (R+V). The ratings are supported by R+V's very strong risk-adjusted capitalization at the consolidated group level, and very strong business position, although this is partly offset by the group's operating performance, which has to be further improved. The ratings on RVV also reflect the status of R+V as an integral part of the German cooperative banking sector. Based on its system of solidarity and its comprehensive protective scheme, Standard&Poor's
