Tokio Marine Newa has improved its competitive position and maintained an above-average operating performance over the past year. We expect the insurer's efforts to strengthen its distribution channels and prudent underwriting controls along with a stabilizing economy to support further improvement in the insurer's competitive position over the next one to two years. We revised the outlook to positive from stable. We affirmed the 'A-' financial strength and counterparty credit ratings. On Dec. 13, 2010, Standard&Poor's Ratings Services revised the outlook on Tokio Marine Newa Insurance Co. Ltd. to positive from stable. At the same time we affirmed the 'A-' financial strength and counterparty credit ratings on the insurer. The outlook revision reflects our view that Tokio Marine
