Please note that the ratings covered by this full analysis apply only to R+V Versicherung AG and KRAVAG-LOGISTIC Versicherungs AG. Intrinsic part of DZ BANK and the German cooperative banking sector. Successful bancassurance model in Germany. Overproportional business growth, which somewhat strains otherwise strong group capitalization. Slight decline of operating performance. The ratings on Germany-based reinsurer, R+V Versicherung AG (RVV) reflect Standard&Poor's Ratings Services' view on RVV's intrinsic role as the holding and reinsurance company of the Germany-based R+V insurance group (R+V). We also view R+V as an intrinsic part of its majority shareholder DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK; A+/Stable/A-1) and of the German cooperative banking sector. We regard RVV's Germany-based insurance subsidiary, KRAVAG-LOGISTIC Versicherungs AG
