We have revised our rating outlook on the core subsidiaries of Japan-domiciled Tokio Marine Group to stable from positive and affirmed the ratings on the subsidiaries. As a strategically important member of the group, the ratings on Taiwan-domiciled TM Newa will move in tandem with our ratings on the group's core subsidiaries. We are therefore revising the outlook on TM Newa to stable from positive. We are also affirming the 'A' local currency long-term issuer credit rating and financial strength rating on TM Newa. On April 29, 2020, S&P Global Ratings revised the outlook on Taiwan-based Tokio Marine Newa Insurance Co. Ltd. (TM Newa) to stable from positive. At the same time, we affirmed the 'A' local currency long-term issuer
