Cathay Life continues to dominate the consolidated credit profile of the Cathay FHC group, contributing a large part of the group's capital and asset base and acting as one of the group's core subsidiaries. Cathay Life has a leading market position by total premiums written in Taiwan's life insurance sector, a well-established scale advantage, and very strong control over its distribution channels. We also assess the insurer's capitalization, investment risk exposure, and profitability to be about the domestic average. We are affirming our 'A-' local currency long-term financial strength and issuer credit ratings on Cathay Life. The outlook is stable to reflect our expectation that Cathay Life will maintain its leading market position in Taiwan's life insurance market with stable
