Tokio Marine Newa's financial strength has improved over the past few quarters with a good underwriting result in 2024. We believe the insurer will maintain capital redundancy under our severe stress scenario during 2025-2026. We raised our assessment of Tokio Marine Newa's capital and earnings to strong from satisfactory. There is no change to the rating anchor of 'a-' which continues to reflect our view that the insurer's capital buffer remains small under our severe stress scenario. We affirmed our 'A' local currency long-term issuer credit rating and financial strength rating on Tokio Marine Newa. The stable rating outlook reflects our expectation that Tokio Marine Newa Insurance will maintain its financial strength through enhanced risk management, prudent investment strategies, and
