Nan Shan Life Insurance Co. Ltd.

Well-established franchise in Taiwan's life insurance industry with strong business momentum. High level of controlled distribution network with good customer retention. Increasing risk assets and persistent asset-liability mismatch constrain lower-adequate capital and earnings. Somewhat high investments on high-risk assets relative to total adjusted capital base. Manageable foreign exchange risk exposures. Strong financial flexibility with satisfactory operating cash flows and zero debt leverage. Satisfactory management underpinned by good expertise and strong strategy execution. Adequate enterprise risk management. Excellent liquidity profile. The stable outlook reflects our view that Nan Shan Life Insurance Co. Ltd.'s capital and earnings will remain in the lower-adequate range in the next two years given the insurer's high growth and active investment allocation. We expect Nan Shan Life

...High level of controlled distribution network with good customer retention. Financial Risk Profile: Upper Adequate...

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