Fourth-largest insurance group in Germany, with a gradually growing market share of about 8%. Very strong competitive position, based on a sustainably very successful bancassurance business model and diverse business mix. Insurance products that complement cooperative banks' financial services offering to retail and small and midsize enterprise (SME) clients. Above-market-average growth in all primary insurance segments, although we expect lower growth in 2016 than in 2015. Our expectation that capital adequacy will remain in the 'A' range in 2016-2017, owing to further business growth that could be financed through retained earnings or parental support, if needed. Generally, a lesser emphasis on bottom-line earnings, due to its strategic role within the cooperative banking sector and its commission-generating capacity. Comparably favorable performance
