On March 27, 2024, S&P Global Ratings affirmed its ratings on the core operating companies of Sompo Group. This follows our implementation of the revised criteria for analyzing insurers' risk-based capital. We continue to view Sompo Insurance Singapore Pte. Ltd. (Sompo Singapore) as a highly strategic subsidiary of Sompo Group (core operating subsidiaries rated A+/Stable/--). We rate highly strategic subsidiaries one notch lower than core subsidiaries. We therefore affirmed our 'A' local currency long-term insurer financial strength and issuer credit ratings on Sompo Singapore. The stable outlook on Sompo Singapore reflects our expectation that the Singapore-based property and casualty insurer will remain a highly strategically important subsidiary of the group over the next two years. On April 11, 2024, S&P
