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. Private line non-life underwriting performance strong, whereas commercial lines are facing challenging market conditions. 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, although improving. 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
