Very strong competitive position backed by a 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 MS&AD Insurance Group is one of the three largest non-life insurance groups in Japan. Our financial strength and issuer credit ratings on MS&AD Insurance Group's core operating subsidiaries reflect our assessment of the group's business risk profile as very strong and our assessment of its financial risk profile as strong, supported by diversified earnings sources. We believe the group's solid position in Japan's non-life insurance market helps generate stable earnings overall. Earnings from its domestic life insurance business are also steady, thanks to its strong tied-agent network
