(Editor's note: In an earlier version of this report published today, we misstated the rating outlook in the headline. It has been corrected here.) We believe Tokio Marine Newa has a strong competitive position, reflecting its satisfactory underwriting performance and operating efficiency. Tokio Marine Newa has very strong capital and earnings which can serve as a strong buffer to absorb underwriting and investment volatility, given the insurer's established risk control framework. We are affirming our 'A' local currency long-term financial strength and issuer credit ratings on Tokio Marine Newa. The positive outlook reflects our outlook on the core entities of the Tokio Marine group, as well as our expectation that Tokio Marine Newa will maintain its strategically important role within
