On Feb. 26, 2024, S&P Global affirmed its ratings on Tokio Marine Group's core operating companies following implementation of its revised criteria for analyzing insurers' risk-based capital. We continue to view Tokio Marine Insurance Singapore Ltd. (TMIS) as a highly strategic subsidiary of Tokio Marine Group (core operating subsidiaries rated A+/Stable/A-1). We therefore affirmed our 'A' local currency long-term insurer financial strength and issuer credit ratings on TMIS. The stable outlook on TMIS reflects our expectation that the Singapore-based insurer will remain a highly strategically important subsidiary of the group over the next two years. On Feb. 27, 2024, S&P Global Ratings affirmed its 'A' local currency long-term insurer financial strength and issuer credit ratings on TMIS. The rating outlook
