Predominantly domestic German multiline insurance group. Well diversified product portfolio and distribution channel diversity. Profit oriented strategy with a business mix that is actively steered toward more profitable products. Private line non-life underwriting performance is strong, commercial lines are facing challenging market conditions. Sound bottom-line earnings and reduced asset risk exposure warrant a strong capital and earnings assessment. Higher life asset-liability mismatch risk compared with peers', although improving. 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 S&P Global Ratings' expectation that the management of German multiline insurer Gothaer Group will continue
