Solid business franchise both in corporate and individual insurance Strong ties with Mitsui and Sumitomo corporate groups Very strong capitalization consistent with the current ratings Premium income from its domestic non-life insurance business is on a declining trend Combined ratio on a written-paid basis is deteriorating Limited but additional losses could be incurred on its reinsurance portfolio of financial guarantee insurance High exposure to domestic equities Mitsui Sumitomo Insurance Co. Ltd. (MSI; AA/Negative/A-1+) is one of the three largest non-life insurers in Japan. MSI's strength in corporate insurance is backed by its close relationship with both the Mitsui and Sumitomo groups, which both have many blue-chip companies. The company also has a solid business franchise and a large market share
