Strong business franchise in Taiwan Strong liquidity profile Prudent investment mix Sensitivity of its capitalization to the external investment environment Average operating performance by international standards The ratings on Nan Shan Life Insurance Co. Ltd. reflect the insurer's strong business franchise in Taiwan, strong liquidity profile, and prudent investment mix. Counterbalancing factors include the sensitivity of its capitalization to the external investment environment and average operating performance by international standards. Nan Shan Life was established in 1963 and is a top-three player in Taiwan's life industry in terms of total assets and premiums with a widespread domestic network, despite strong market competition. It had total premiums of New Taiwan dollar (NT$) 201.5 billion in the first half of 2012, representing
