Following a review of Japan-based MS&AD Insurance Group under our revised insurance criteria, we are affirming our 'A+' ratings on the group's core subsidiaries. The ratings predominantly reflect our view of the group's very strong business risk profile and strong financial risk profile, based on its very strong competitive position, moderately strong capital and earnings, and strong financial flexibility. The stable outlook reflects our view that the group maintains a very strong competitive position in Japan and good growth potential in the domestic life and overseas non-life insurance businesses. We anticipate that the group's capital adequacy will remain moderately strong in the next two years in our base-case assumptions. On May 29, 2013, Standard&Poor's Ratings Services affirmed its
