Core operating entity of MS&AD Insurance Group Very strong market position in both commercial and individual insurance, supported by strong relationships with Mitsui and Sumitomo group companies Expanding overseas business, especially in Asia Vulnerability of capital to stock price fluctuations Weaker profitability than international peers Continued difficulties in the domestic business environment, such as limited growth potential and intense competition Our ratings on Mitsui Sumitomo Insurance Co. Ltd. (MSI; A+/Stable/A-1) reflect its position as a core operating entity of MS&AD Insurance Group, a very strong market position in both commercial and individual insurance, and an expanding overseas business, especially in Asia. At the same time, the ratings are constrained by the vulnerability of its capital to stock price fluctuations, weaker
