Very strong capitalization; Very strong market position; and Conservatively managed investments. Overall satisfactory and improving operating performance; and Further improvement needed to fully transfer its very strong competitive position into respective earnings. The ratings on Germany-based insurer R+V Versicherung AG (RVV) are mainly based on the financial strength of its operating subsidiaries, R+V Lebensversicherung AG (RVL; Api/--/--) and R+V Allgemeine Versicherung AG (RVA; Api/--/--), which form the major parts of the R+V group (R+V). The ratings are supported by R+V's very strong consolidated risk-adjusted capitalization, very strong competitive position, and conservative investment practices. These strengths are partly offset by the group's operating performance, which does not yet fully reflect R+V's superior competitive position. The ratings and the stable outlook on
