Tokio Marine Newa has enhanced its competitive position and maintained an above-average operating performance over the past year. We expect the insurer's strengthening distribution channels and prudent underwriting controls to continue to support its competitive position over the next one to two years. We are raising our local-currency financial strength rating and issuer credit rating to 'A' from 'A-'. The outlook is stable. At the same time, we are affirming the 'cnAA+' Greater China credit scale rating. On Dec. 13, 2011, Standard&Poor's Ratings Services raised its local-currency financial strength rating and issuer credit rating on Tokio Marine Newa Insurance Co. Ltd. to 'A' from 'A-'. The outlook on the ratings is stable. We also affirmed the 'cnAA+' Greater
