One of the largest insurance groups in Germany with a broad product offering in property casualty, life and health insurance. Very successful bancassurance business model integrated into Germany's large cooperative banking sector. Multi-channel and multi-brand distribution strategy offering a diverse product range to retail and small and midsize enterprise (SME) clients. Above-market-average growth in all primary insurance segments as well as in reinsurance for third parties. Our expectation that capital adequacy will remain in the 'A' range in 2017-2019, owing to further business growth to be financed through internal capital generation, or parental support if needed. Generally a softer emphasis on bottom-line earnings versus listed peers, due to its strategic role within the cooperative banking sector and its commission-generating capacity
