Very strong competitive position backed by strong market position and brand recognition Diversified business lines in non-life and life insurance support earnings Capital and earnings susceptible to market movements and catastrophe losses Our ratings on MS&AD Insurance Group's core operating subsidiaries reflect our assessments of the group's business risk profile as very strong and financial risk profile as strong, leading us to apply an anchor of 'a+' for the group. Our ratings on MS&AD Insurance Group benefit from its diverse non-life and life insurance income streams, as well as its expanding overseas business. The group's strong market position in Japan's non-life insurance market is the pillar of its credit strength, supported by a stable income stream from its domestic life
