This report does not constitute a rating action. Overview Key strengths Key risks Sales channels and insurance products that take advantage of ties with parent and enable differentiation from peers High risk related to natural catastrophes and shareholdings Increased sales of cancer insurance products contributing to the diversification and stabilization of the earnings base Higher expense ratio than large Japanese non-life insurers, given limited operations High likelihood of parent support if financial position weakens Secom General will likely continue to face high risk related to natural catastrophes and shareholdings. The share of fire insurance in the total net insurance premiums written in fiscal 2025 (ended March 31, 2026) was high at about 34%, and the loss ratio for the fire
