The widening economic recession has exacerbated financial market volatility and increased downside risk for Taiwan-based Nan Shan Life's financial risk profile. We are therefore revising the rating outlook on Nan Shan Life and its highly strategic subsidiary, Nan Shan General, to negative from stable. We are also affirming the local currency long-term issuer credit rating and financial strength rating on the insurers at 'BBB+'. The negative outlook reflects the heightened risk that global market volatility could weaken Nan Shan Life's financial strength over the next one to two years. On April. 29, 2020, S&P Global Ratings revised its rating outlook on Taiwan-based Nan Shan Life Insurance Co. Ltd. and Nan Shan General Insurance Co. Ltd. to negative from stable. At
