Implicit support from Japan-based Sompo group under almost all circumstances, as a highly strategic subsidiary. The rating on Sompo Insurance Singapore Pte. Ltd. (Sompo Singapore) reflects the insurer's important role in supporting the Japan-based Sompo group's strategy in Asia-Pacific. 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. The Singapore-based subsidiary shares its parent's brand name and benefits from long-term commitment of parental support. This is evident from the provision of a net worth maintenance agreement and a record of capital injections when required (such as after the 2011 major floods in Thailand). Additionally, Sompo Singapore receives group support in areas such as business
