We consider MS&AD Insurance Group, one of the three largest non-life insurance groups in Japan, to have a solid financial position, supported by its diversified nonlife and life insurance earnings sources. We are affirming our 'A+' financial strength ratings and long-term issuer credit ratings on MS&AD Insurance Group's core operating subsidiaries and our 'A-' rating on U.S. dollar-denominated subordinated notes with intermediate equity content issued by Mitsui Sumitomo Insurance. We have also maintained our assessments of the group status of all subsidiaries within the group. The stable outlooks reflect our expectations that the group will diversify its business and gradually recover its capital adequacy while maintaining its position in the domestic nonlife insurance market. On July 29, 2019, S&P Global
