Well-established franchise and good market share in Taiwan's life insurance sector. Strong financial flexibility with satisfactory operating cash flows and low debt leverage. Sound capital adequacy relative to its risk profile. Somewhat high investments on high-risk assets relative to total adjusted capital base. Above-average exposure to foreign exchange risk compared with local peers'. The ratings on Nan Shan Life Insurance Co. Ltd. continue to reflect the insurer's strong business risk profile as one of the top three players by total premiums in Taiwan's life sector, high level of controlled distribution network, and good customer retention. The ratings also echo our view of the insurer's sound capital, manageable investment risk, and strong financial flexibility. Counterbalancing the strengths are the insurer's high
