Chubb Insurance Singapore Ltd.

Highly strategic subsidiary of the Chubb group. The rating on Chubb Insurance Singapore Ltd. (Chubb Singapore) is based on our view of the insurer's highly strategic role to Chubb group (Chubb Ltd.; core operating subsidiaries rated AA/Stable/--). We rate highly strategic subsidiaries one notch lower than core operating subsidiaries. In our opinion, Chubb Singapore will remain integral to Chubb group's business strategy of developing its global presence. The insurer benefits from sharing the group's brand and strategy and cedes a portion of its premiums to a reinsurance subsidiary under the group. Therefore, we believe that the group is unlikely to divest its stake in Chubb Singapore. The insurer's contribution to the group's capital and earnings is not significant--less than 5%--and

...*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. WWW.STANDARDANDPOORS.COM/RATINGSXPRESS SEPTEMBER 27, 2018 5...

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