On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). The implementation of the revised criteria has a positive impact on our assessment of Tokio Marine Newa Insurance Co. Ltd.'s capital adequacy. Improvement in the insurer's reserves in the second half of 2023 has also enhanced its capital accumulation. We therefore raised our long-term local currency financial strength and issuer credit ratings on Tokio Marine Newa to 'A' from 'A-'. At the same time, we removed the ratings from under criteria observation (UCO). The stable rating outlook reflects our view that Tokio Marine Newa will remain a strategically important member of Japan-based Tokio Marine group and our forecast that
