The outlook is stable because we expect Jusan Garant's sufficient capital and earnings, and sound liquidity cushion, will support its business and financial profiles over the next 12 months. Moreover, in our view, the company will show gradual improvements in its operating performance, with the net combined ratio below 100%, further supporting its competitive position. A negative rating action in the next 12 months is unlikely, unless developments at the parent--Jusan Bank--erode Jusan Garant's credit profile. In such a scenario, we would no longer consider Jusan Garant to be an insulated subsidiary and our rating on the insurer will be capped by that on the bank. Nevertheless, we could also lower the ratings if Jusan Garant's: Capital adequacy deteriorated due
