Outstanding business franchise and market position Strong liquidity Strong financial flexibility Above-average operating performance Sensitivity to the external investment environment Potential resource support for other group members The rating on Cathay Life Insurance Co. Ltd. reflects the insurer's outstanding market position in Taiwan's life insurance market, its strong liquidity and financial flexibility, and above-average operating performance. Counterbalancing factors include its sensitivity to the external investment environment. In addition, as the core subsidiary of Cathay Financial Holding Co. Ltd. (Cathay FHC; A-/Stable/A-2), Cathay Life may be required on a regular basis, or in exceptional circumstances, to provide surplus resources to support other group members. Cathay Life is the flagship company and main earnings contributor of the Cathay FHC group, which has
