We have revised upward our assessment of Shin Kong Life Insurance Co. Ltd.'s SACP. This is driven by enhanced post-merger operational stability and profitability coupled with a sufficient buffer for the insurer's fair capital level. We recently revised the rating outlook on TS Financial Holding Co. Ltd. (TS FHC) to stable from negative to reflect our view that the TS FHC group will largely retain its credit profile and effectively manage the post-merger integration of key operating subsidiaries over the next two years. The outlook revision on Shin Kong Life follows that on TS FHC, given the insurer's core group status. At the same time, we affirmed our'BBB+'long-term issuer credit rating on the insurer as well as our
