V Lebensversicherung AG’s IFS rating at ‘AA
(R V Mutual) Insurer Financial Strength (IFS) ratings at The agency has simultaneously affirmed Condor Lebensversicherungs AG (Condor) IFS rating at The Outlook is Canada Goose online Stable.
KEY RATING DRIVERS canada goose clearance Based on its canada goose black friday sale insurance rating methodology, Fitch views both R V Life and R V Mutual as core to the canada goose coats on sale R V group, and the ratings are therefore aligned with the agency view of the canada goose R V group as canada goose uk outlet a whole. The agency views Condor uk canada goose as very important to R V which is supported by Condor profit and loss sharing agreement within canada goose clearance sale the group. Condor benefits from a one notch canada goose uk shop uplift Canada Goose Parka from its jacketstock standalone credit profile.
The ratings are supported by the R V group solid capitalisation, good market position, and the Canada Goose sale strong operating performance. Offsetting these positive rating factors is the R V Group geographical focus on Germany.
One of the top 10 insurance groups in Germany, R V buy canada goose jacket is headed by R V Versicherung AG, which is 74% owned by DZ Bank AG ( DZ Bank AG is the largest central bank within Germany cooperative banking canada goose outlet sector Genossenschaftliche FinanzGruppe (GFG; Fitch regards the ownership of R V by DZ Bank AG/GFG as positive, reflecting the agency view that it would support the insurance group, if necessary. This has been reflected in a one notch uplift from the agency standalone assessment of the R V group.
R V Life, R V Mutual and Condor reported strong regulatory solvency margins at end 2011, well above the market average of 175%. Based on the regulatory ratios and the agency internal risk based capital assessment, Fitch views the companies capitalisation as very strong. The agency expects that R V Life, R V Mutual and Condor will have maintained their solid capital position at end 2012.
R V Life, R V Mutual and Condor reported a strong operating performance for 2011. Funds for future appropriation, lapse and expense ratios, and premium growth were better than the market average in 2011. Fitch expects that the three companies will have maintained a strong performance in 2012. The ratio of investments in equities for R V Life and R V Mutual is higher than the German market average while Condor is in line with the average. Fitch does not view the levels of the ratios as a particular concern, given the strong capitalisation.
As far as the primary insurance business is concerned, the R V insurance group is focussed on Germany. R V Life is R V main operating life insurer in Germany while Condor serves as a specialist for independent financial advisors in individual life cover and R V Mutual serves as a specialist for mid and high net worth clients and pension funding. Measured by gross written premiums (GWP), R V Life was Germany second largest life insurer in 2011.
RATING SENSITIVITIES Key rating triggers buy canada goose jacket cheap for a downgrade include a downgrade of GFG/DZ Bank AG cheap canada goose uk rating, a change in Fitch view canadian goose jacket of R V strategic importance to GFG/DZ Bank AG, a change in Fitch view of the entities core status within the R V group, or a significant weakening of Canada Goose Outlet the R V group standalone financial profile.
Key rating triggers for an upgrade include an upgrade of GFG/DZ Bank AG ratings, and the entities maintaining their strategic importance for R V and GFG/DZ Bank cheap Canada Goose AG. For Condor Canada Goose Online an additional upgrade trigger is further canada goose uk black friday progress in Condor integration within R V which would lead to redefining Condor strategic status within R V as core.
In 2011, Canada Goose Coats On Sale R V Life reported gross written Canada Goose Jackets premiums (GWP) of EUR4.5bn, R V Mutual EUR102m and Condor EUR233m. Fitch expects that 2012 GWP growth canada goose factory sale will have been above canada goose coats market average canada goose store for uk canada goose outlet all three companies.
