On April 24, S&P Global Ratings revised its rating outlook on Tokio Marine Group's core operating subsidiaries to stable from positive and affirmed the ratings. We expect TMIS to remain a highly strategic subsidiary of Tokio Marine Group given its important role in the group's Asia expansion strategy. Consequently, we are revising the outlook on TMIS to stable from positive. At the same time, we are affirming our financial strength and issuer credit ratings on TMIS. The stable outlook on TMIS reflects the outlook on the core operating entities of Tokio Marine Group. We also expect TMIS to remain a highly strategic subsidiary over the next 24 months. On April 27, 2020, S&P Global Ratings revised its rating outlook on
