We expect Union Insurance to maintain its satisfactory competitive position in Taiwan's non-life insurance market with average operating performance relative to its peers'. We assess Union Insurance's capital and earnings to be very strong, with an adequate investment risk profile. We are affirming our 'A-' long-term insurer financial strength and issuer credit ratings on Union Insurance. The stable outlook reflects our expectation that Union Insurance will maintain its capital adequacy and underwriting performance over the next one to two years. On Sept. 25, 2019, S&P Global Ratings affirmed its 'A-' long-term insurer financial strength and issuer credit ratings on Taiwan-domiciled Union Insurance Co. Ltd. The outlook is stable. The stable outlook on Union Insurance reflects our expectation that the insurer
