Well-established franchise in Taiwan's life insurance industry with good market share. High level of controlled distribution network with good customer retention. Sound capital adequacy relative to its risk profile. 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 low debt leverage. Satisfactory management underpinned by good expertise and strong strategy execution. Adequate enterprise risk management with strong risk controls. Excellent liquidity profile. The stable outlook reflects our view that Nan Shan Life Insurance Co. Ltd.'s capital and earnings will remain sound over the next two years given the insurer's moderated growth, albeit still-active investment allocation. We expect Nan Shan Life Insurance to generate
