Solid franchise in Taiwan's life insurance industry. Sustainable leading market position by total assets with well-established scale advantage and controlled distribution force. Moderate industry and country risk of Taiwan's life insurance industry. Average capitalization, which is sensitive to global capital market volatility especially on the valuation of equities booking under available-for-sale. Large and still-increasing high-risk assets relative to total adjusted capital. Rising but still manageable foreign exchange risk exposures. Strong capacity to tap capital markets to support the company's financial flexibility. Satisfactory management underpinned by good expertise and strong strategy execution. Adequate enterprise risk management with strong controls on major risk factors. Strong liquidity profile. The stable outlook reflects our view that Cathay Life Insurance Co. Ltd. will remain the
