Predominantly domestic German multiline insurance group with a small presence in Poland and Romania. Strong competitive position stemming from a well-diversified product portfolio and distribution channel diversity. Profit-oriented strategy with a business mix that is actively steered business toward more profitable products. Strong non-life underwriting performance. Sound bottom line earnings and reduced asset risk exposure warrant a strong capital and earnings assessment. Moderate risk position mainly stemming from higher credit risk compared with peers' and life asset-liability mismatch risk. Adequate financial flexibility thanks to favorable leverage and coverage. Enterprise risk management (ERM) capabilities enable the group to continue optimizing capital allocation and earnings, enhancing its risk-return profile and mitigating its investment risks. Value-oriented management approach. The stable outlook reflects Standard
