Tokio Marine Newa has a good track record of implementing and executing the risk controls of its parent, Tokio Marine group, which we assess as having a strong ERM framework. We are therefore revising our assessment of Tokio Marine Newa's ERM to adequate with strong risk controls from adequate previously. We are also affirming our 'A' local currency insurer financial strength rating and counterparty credit rating as well as the long-term 'cnAA+' Greater China regional scale rating on Tokio Marine Newa. The affirmation reflects the insurer's strong business risk profile and very strong financial risk profile. The rating outlook is stable to reflect our view that Tokio Marine Newa will maintain very strong capital and earnings and remain a strategically
