The ratings on R+V Versicherung AG (RVV) are mainly based on the financial strength of its operating subsidiaries, R+V Lebensversicherung AG (RVL; Api/--/--) and R+V Allgemeine Versicherung AG (RVA; Api/--/--), which form the major parts of the R+V group (R+V). The ratings are supported by R+V's very strong consolidated risk-adjusted capitalization and very strong business position. These strengths are partly offset by the group's operating performance, which has yet to further improve. The ratings and the negative outlook on RVV also reflect the status of R+V as an integral part of the German cooperative banking sector, which Standard & Poor's considers as a single economic group. RVV is 73%-owned by DZ Bank AG Deutsche Zentral-Genossenschaftsbank (DZ Bank; A-/Negative/A-2), which is
