Research Update: Fubon Life Insurance Assigned 'A-' Foreign Currency Ratings; 'A-' Local Currency Ratings Affirmed; Outlook Stable

We believe Taiwan-domiciled Fubon Life Insurance Co. Ltd. has the same capacity to meet its obligations denominated in both local and foreign currencies. We have assigned our 'A-' foreign currency long-term issuer credit and financial strength ratings to Fubon Life. At the same time, we affirmed our 'A-' local currency long-term issuer credit and financial strength ratings on the insurer. The outlook on the ratings is stable to reflect our view that Fubon Life will remain the key driver supporting its parent's group credit profile over the next two years. It also reflects our expectation that Fubon Life will maintain a stable stand-alone credit profile over the same period. On July 22, 2025, S&P Global Ratings assigned its 'A-' foreign

...Rating Component Scores Business Risk Profile Strong Competitive position Very strong IICRA Moderately high risk Financial Risk Profile Satisfactory Capital and earnings Satisfactory Risk exposure Moderately low Funding structure Neutral Anchor a- Modifiers Governance Neutral Liquidity Adequate Comparable rating analysis 0 Current Credit Rating Local currency financial strength rating A-/Stable/-- Foreign currency financial strength rating A-/Stable/-- Local currency issuer credit rating A-/Stable/-- Foreign currency issuer credit rating A-/Stable/--...

Research Update