Very strong competitive position backed by a strong market position and high brand recognition Diversified business lines in non-life and life insurance support earnings Capital and earnings susceptible to catastrophe losses and stock volatility S&P Global Ratings' financial strength and issuer credit ratings on MS&AD Insurance Group's core operating subsidiaries reflect our very strong assessment of the group's business risk profile and strong assessment of its financial risk profile. We base our assessment of its business risk profile on its status as one of the three largest non-life insurance groups in Japan. Our assessment of its financial risk profile is supported by the insurer's earnings sources, which are diversified into both the non-life and life insurance fields. We believe the
