Tokio Marine&Nichido Fire Insurance Company Ltd. (TMNF) has terminated the guarantee it provided to Tokio Marine Insurance Singapore Ltd. (TMIS), at TMIS' request. We expect TMIS to remain as a highly strategic subsidiary of Tokio Marine Group given its important role in the group's Asia expansion strategy. We have lowered the long-term financial strength rating on TMIS to 'A' from 'A+'. At the same time, we affirmed our long-term issuer credit rating on TMIS. The outlook on the rating is stable. On Dec. 7, 2021, S&P Global Ratings lowered its long-term local currency financial strength rating (FSR)on TMIS to 'A' from 'A+'. At the same time, we affirmed our 'A' long-term local currency issuer credit rating (ICR) on
