R+V Versicherung AG. Primary Credit Analyst: Manuel Adam, Frankfurt (49) ;

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1 Primary Credit Analyst: Manuel Adam, Frankfurt (49) ; Secondary Contacts: Birgit Roeper-Gruener, Frankfurt (49) ; Ralf Bender, CFA, Frankfurt (49) ; Table Of Contents Rationale Outlook Base-Case Scenario Business Risk Profile Financial Risk Profile Support And Factors Specific To The Holding Company Related Criteria DECEMBER 20,

2 Rationale Operating Company Covered By This Report Financial Strength Rating Business Risk Profile 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. Financial Risk Profile Our expectation that capital adequacy will remain in the 'A' range in , 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 as well as cost sharing. Comparably favorable performance and cost effectiveness of the life insurance operations versus peers, but low yields may continue to weigh on life results. Increasing reinsurance exposure that put some pressure on the volatility of capital and earnings. Other Factors We consider the R+V insurance group (R+V) as core to DZ BANK and the German cooperative banking sector, based on its integral role in the sector's strategy. R+V Versicherung AG (RVV) has an intrinsic role as the operating holding and reinsurance company of R+V. We equalize the rating on RVV with that on the core operating subsidiaries of DZ BANK, because of RVV's earnings-generation capacity from reinsurance activities and its debt-free balance sheet. The core status of R+V's subsidiary, KRAVAG-LOGISTIC Versicherungs AG (KLog), is based on KLog's role as the group's dedicated carrier for its business with the German road haulage segment, which is dominated by cooperative organizations. DECEMBER 20,

3 Outlook The stable outlook on RVV and its subsidiary KLog reflects that on DZ BANK. We expect R+V will remain integral to DZ BANK, owing to its role in and contributions to the cooperative banking sector's business strategy. The ratings consequently move in tandem with those on DZ Bank. Our stable outlook on the core group members of Germany's cooperative banking sector, including R+V, reflects that the group credit profile of the sector is unlikely to change over the next one to two years, as well as our opinion that the solidarity support within the sector will also remain unchanged. Downside scenario We could lower the ratings over the next 24 months in the unlikely event that R+V's or KLog's credit profile deteriorated to an extent that would lead us to question their core role to the cooperative banking sector. Upside scenario An upgrade would follow a similar action on DZ BANK, which we consider unlikely over the next 24 months. Base-Case Scenario Macroeconomic Assumptions We assume moderate economic growth and inflation, combined with continuously low unemployment rates in Germany over We expect the 10-year German government bond yield to increase gradually further to 0.7% and to 1.1% in 2018 and 2019, based on our economists' forecasts. Company-Specific Assumptions Growth in gross premiums written of 2%-4% for the group over the next two years. We anticipate above market-average growth as R+V benefits from its diverse business mix and wide market presence through its successful bancassurance model. Capital adequacy remaining in the 'A' range despite above-market-average growth over the next two-to-three years. Annual group net income (based on IFRS) exceeding 350 million over Stable non-life profitability with net combined (loss and expense) ratios of about 100% in We believe the combined ratio will improve to slightly below 100% in 2019 due to restructuring measures within the P&C segment, particular in homeowner's comprehensive insurance, and a focus on stricter risk-adequate underwriting. Declining gross surplus as a consequence of the currently very low interest rates. Still muted life new-business margins due to the low-yield environment, with margin upside stemming from a further shift in the new product mix to more capital-light products. DECEMBER 20,

4 Business Risk Profile R+V is the key insurance provider for Germany's large domestic cooperative financial services network. R+V complements the sector's full financial services offering by distributing insurance products to customers of German cooperative banks. It operates in the same retail and SME target markets as the cooperative banks and is one of the largest insurance groups in Germany, with 14.8 billion of premium income in The company's franchise and product diversity have enabled R+V to sustainably establish a very strong position in the German insurance industry. R+V offers life and health (51% of the group's premium income) and non-life and reinsurance insurance (49%), especially through its main risk carriers, R+V Lebensversicherung AG and R+V Allgemeine Versicherung AG (neither are rated). Apart from the group's dominant primary insurance business, R+V has a growing third-party reinsurance book, which generated 1.8 billion of premium income in 2016 and makes it the 20th largest reinsurer globally as per year-end In 2017, R+V has announced an ambitious growth strategy called "Growth Through Change" to achieve approximately 20 billion of premium income by It will further focus on its service culture and strengthening its exclusive partnership with the cooperative banking sector. To achieve this, R+V is investing in digitalization and developing an environment to cope with customers' increasing digital needs. Our base-case forecast is comparably more moderate, but we still expect group premiums to increase above market by 2%-4% annually in despite demanding market conditions. Financial Risk Profile R+V has successfully operated under its primary insurance business model for several years. This has led to continuous above-market-average growth and consequently risk-capital growth, which has somewhat outpaced that of retained earnings in recent years. R+V needs to strike a balance between growth, profitability, and capitalization over the next few years. R+V has delivered a solid five-year average RoE of 8%, which we expect to reduce to between 6%-8% over We believe that R+V's growth strategy could constrain its ability to build capitalization in line with its growth ambitions in the long term. In the mid-term, we expect growing capital requirements to be largely matched by building internal capital buffers and a balanced profit transfer and capital re-injection strategy with its parent DZ Bank. This will enable R+V to balance growth and capital building for maintaining its capital position in the 'A' range over the next two years. We acknowledge that the group's strategic role within the cooperative banking sector places a softer emphasis on its bottom-line profitability; instead it focuses on overall value creation for the cooperative banking sector. In 2017, we still expect a net income of about 400 million compared to 517 million in The reduction is mainly driven by a weaker result in the reinsurance segment due to the active hurricane season, cuts to the Ogden rate, and the earthquake in Mexico. Therefore, we expect the combined ratio for the reinsurance business to be between 105%-106% in We assume a stabilized combined ratio between 99%-100% for based on a normalized DECEMBER 20,

5 assumption of large losses and natural catastrophe events. For the primary P/C insurance business, we expect a combined ratio of between 99%-100% for compared to 101.3% in This improvement is driven by a somewhat more favorable claims development in 2017 and sustained through restructuring measures as premium adjustments in loss leading lines of business, in particular homeowners insurance. For the life insurance segment we overall recognize a lower risk profile in the life insurance back-book compared with peers, particularly evidenced by lower average guarantee commitments following strong business growth in recent years. For , we expect that earnings in life insurance, in particular investment income will remain under pressure, given the prevailing low yields and additional reserving requirements (ZZR) in the German life insurance markets. In contrast, we expect an increasing trend in risk results and sustainably low cost results. The group's expansion in the reinsurance segment in recent years has put additional pressure on its capitalization, in our view. We expect that the segment's gross premiums could increase to about 15% of the group's total premiums in the mid-term (12% in 2016). We believe RVV's reinsurance business creates an additional source of volatility for the group's capital and earnings, as evidenced by the natural catastrophe experience in Any extraordinary accelerated expansion in this business could change our view of the group's financial risk profile. R+V's investment portfolio is well-spread across a range of asset classes and single obligors with more than 85% invested in fixed-income in Over , we expect some increase in property, equity, and infrastructure exposure, but no significant change in the company's investment portfolio. R+V's exposure to the financial sector is still somewhat higher than peers', with a large proportion of investments with cooperative sector banks. In our view, R+V's fixed-income portfolio continues to benefit from strong credit quality, with more than 63% of fixed-income investments rated 'AA' or higher, 81% 'A' or higher, and 96% 'BBB' or higher as of year-end Support And Factors Specific To The Holding Company The ratings on RVV and KLog reflect our view of their intrinsic role in Germany-based R+V group, which, in our view, is a core business of its majority shareholder, DZ BANK, and of the German cooperative banking sector. R+V is an integral part of the cooperative sector's strategy, operating a successful bancassurance business model, and generates sizable fee income for the banks, strengthening its overall earnings. We regard KLog as core to R+V because it is the group's dedicated carrier for the German road haulage segment, which is dominated by cooperative organizations. Additionally, KLog has the market leading position in this segment in Germany. RVV is R+V's reinsurance company and has an intrinsic role as the operating holding company which, receives cash flows from profit-transfer agreements with its primary insurance subsidiaries. In addition, RVV has no debt. The ratings on RVV are therefore at the same level as those on the group's core operating subsidiary, KLog. DECEMBER 20,

6 Related Criteria General Criteria: Group Rating Methodology, Nov. 19, 2013 Criteria - Insurance - General: Enterprise Risk Management, May 7, 2013 Criteria - Insurance - General: Insurers: Rating Methodology, May 7, 2013 General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012 Criteria - Insurance - General: Refined Methodology And Assumptions For Analyzing Insurer Capital Adequacy Using The Risk-Based Insurance Capital Model, June 7, 2010 General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009 Ratings Detail (As Of December 20, 2017) Operating Company Covered By This Report R+V Versicherung AG Financial Strength Rating Counterparty Credit Rating Related Entities KRAVAG-LOGISTIC Versicherungs AG Financial Strength Rating Issuer Credit Rating Domicile Germany *Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings credit ratings on the global scale are comparable across countries. S&P Global Ratings credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees. Additional Contact: Insurance Ratings Europe; insurance_interactive_europe@spglobal.com DECEMBER 20,

7 Copyright 2017 by Standard & Poor s Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an as is basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and and (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at STANDARD & POOR S, S&P and RATINGSDIRECT are registered trademarks of Standard & Poor s Financial Services LLC. DECEMBER 20,

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