One of the leading players by domestic market share for its major product lines. Established business franchise, given its large scale and high level of controlled distribution channels. Above-average operating performance. Modest capital adequacy, which is a common feature among Taiwan-based life insurers. High investment leverage compared to regional peers' and susceptible to global capital market volatility. The ratings reflect Fubon Life Insurance Co. Ltd.'s leading market share for major product lines, established business franchise from its large operating scale, and high level of controlled distribution channels. We also view the company's operating performance to be above average by local comparison. These strengths are somewhat counterbalanced by Fubon Life's modest capital adequacy, though this is a common feature among Taiwan-based
