Gothaer benefits from a diverse product portfolio across the life, property and casualty (P/C), and health segments in Germany and well-diversified distribution channels. However, in our view, the group's domestic focus results in a narrower business profile than higher-rated peers. We forecast sound capital adequacy in the 'A' range of our capital model over the rating horizon, supported by solid bottom-line earnings mainly stemming from the P/C segment and investment risk levels in line with that of its domestic peers. We are affirming our 'A-' ratings on Gothaer Insurance Group's core subsidiaries. The stable outlook reflects our expectation that Gothaer will continue to prioritize earnings generation over growth, and that the group's capitalization will not weaken from currently strong levels
