Intermediate industry and country risk, given its business is mostly based in Japan's non-life insurance markets Relatively small business with a modest market share Vulnerability of operating performance to financial market movements and catastrophe-related losses Moderately strong capital and earnings relative to its assumed risks Moderate risk position, with potential capital and earnings volatility because of catastrophe-risk exposure and a certain portion of high-risk assets such as equities Adequate financial flexibility, with a likelihood of financial support from its parent if necessary Adequate enterprise risk management (ERM) Fair management and governance Exceptional liquidity, with sufficient liquid assets such as highly rated bonds The ratings are three notches above the stand-alone credit profile (SACP) reflecting its group status as strategically important
