Taiwan-domiciled Union Insurance will likely maintain excellent capitalization over the next two years supported by its prudent capital policy. We lowered our assessment of Union Insurance's liquidity to adequate from exceptional. This reflects the insurer's lower liquid assets and an increase in claim reserves along with premium growth. The impact on the credit profile is neutral. We affirmed our long-term local currency financial strength rating and issuer credit rating on Union Insurance at 'A-'. The stable rating outlook reflects our expectation that the property and casualty insurer will maintain a very strong financial risk profile over the next two years. On Sept. 19, 2023, S&P Global Ratings affirmed its 'A-' long-term local currency financial strength rating and issuer credit rating
