Research Update: Nan Shan Life Insurance Upgraded To 'A-' From 'BBB+' On Improved Capital And Earnings; Outlook Stable

Taiwan-domiciled Nan Shan Life Insurance Co. Ltd.'s capital and earnings have strengthened under its prudent strategies for business growth and investment. We have therefore revised our capital and earnings assessment for the company to strong from satisfactory. We anticipate Nan Shan Life will maintain its strong competitive position through the insurer's resilient distribution network and proactive product strategy. A resumption of the sale of investment-linked products in 2024 has returned the insurer to a full product line up in the domestic market. We therefore raised our long-term financial strength and issuer credit ratings on Nan Shan Life to 'A-' from 'BBB+'. The stable rating outlook reflects our view that Nan Shan Life will maintain strong capital and earnings and a

...To From Financial strength rating A- ###+ Anchor a- ###+ Business risk Strong Strong IICRA Moderately high Moderately high Competitive position Very strong Very strong Financial risk Satisfactory Fair Capital and earnings Strong Satisfactory Risk exposure Moderately high Moderately high Funding structure Neutral Neutral Modifiers Governance Neutral Neutral Liquidity Exceptional Exceptional Comparable ratings analysis 0 0 Support 0 0 Group support 0 0 Government support 0 0...

Research Update