The ratings on Germany-based insurer R+V Versicherung AG (RVV) are mainly based on the financial strength of its operating subsidiaries, R+V Lebensversicherung AG (RVL) and R+V Allgemeine Versicherung AG (RVA), 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, very strong competitive position, and conservative investment practices. These strengths are partly offset by the group's operating performance, which does not yet fully reflect R+V's superior competitive position. The ratings and the stable outlook on RVV, which is the group's holding and reinsurance company, 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
