A highly strategic subsidiary of Japan-based Sompo group, a status that denotes strong support from the group if needed. The rating on Sompo Insurance Singapore Pte. Ltd. (Sompo Singapore) reflects the insurer's important role of supporting its Japanese parent group's strategy in Asia. Therefore, we view Sompo Singapore as a highly strategic subsidiary of Sompo group and rate the insurer one notch lower than the 'a+' group credit profile of the Sompo group. Close alignment with the parent's overseas expansion and growth strategy demonstrates Sompo Singapore's strategic importance within the Southeast Asia region. The group has a net worth maintenance agreement in place with a track record of capital injections when required (for example after the Thailand flood crisis). The
