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 Weaker profitability than international peers Vulnerability of capital to stock price fluctuations, although capitalization is adequate relative to the risk it assumes, based on our rating criteria Continued difficulties in the domestic business environment, such as limited growth potential, intense competition, and unstable investment conditions The ratings on Mitsui Sumitomo Insurance Co. Ltd. (MSI; AA-/Negative/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
