Fourth-largest insurance group in Germany, with well-diversified business segments including active reinsurance. Very strong competitive position, based on a sustainably successful bancassurance business model with a focus on retail and small and midsize enterprise (SME) clients. Market growth at least in line with market in all primary insurance segments in 2015, in particular above-market new business in life insurance based on preliminary numbers. Our expectation that current 'AA' capital adequacy will weaken into the 'A' range in 2016-2017, because of further business growth and the profit-transfer agreement with parent, DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK). Exceptional €553 million net income in 2014, inflated by unrealized gains from investments due to foreign exchange and derivative valuation changes and therefore unlikely
