In our view, R+V Versicherung AG (R+V) benefits from its very successful bancassurance business model and its broad and diverse product offering. Due to R+V's strategic role within the cooperative banking sector, its commission-generating capacity, cost-sharing function, and integration in risk management, we regard R+V Group as a core business of its majority shareholder DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ Bank). We are therefore affirming our 'AA-' ratings on R+V and its core subsidiary KRAVAG-LOGISTIC Versicherungs AG (KLog). The stable outlooks on R+V and KLog reflects that on DZ Bank AG. On Aug. 12, 2019, S&P Global Ratings affirmed its 'AA-' issuer credit and financial strength ratings on R+V Versicherung AG (R+V). We also affirmed our 'AA-' ratings on its
