R+V Versicherung AG

The group's robust solvency ratio, which was 225% on Dec. 31, 2023; Its record of strong earnings generation; and Its access to parental support, if needed. Nevertheless, the current capital market movements, which are driven by the economy, weigh on earnings and capital at R+V, and at its peers. The stable outlook on RVV and subsidiary KLog mirrors that on DZ Bank and the Cooperative Banking Sector Germany. We expect both entities to remain integral to DZ Bank, 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

...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. In our view, R+V is, in turn, a core business of its majority shareholder, and the central bank of the German cooperative sector, DZ Bank (A+/Stable/A-1). R+V'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. Its core subsidiary, Kravag-Logistic Versicherungs-AG (KLog), is also a core group entity. Our analysis on R+V reflects the company's well-established position in the German insurance market, backed by its successful...

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