Please note that the ratings covered by this full analysis apply only to R+V Versicherung AG. Very strong competitive position in the bancassurance market. Backing of the cooperative banking sector for R+V's primary insurance activities. Operating performance in non-life and life business is not consistent with R+V's competitive position. Group capitalization dimmed by overproportional premium growth. R+V Versicherung AG (RVV) is the holding company of Germany-based R+V primary insurance group and as such its rating is based on its ownership in, and the financial strength of, its sizable primary insurance operations. Standard&Poor's Ratings Services views these operations as a core part of the German cooperative banking sector, which we consider to be a single economic group. RVV is
