Strong explicit support from parent, Strong capitalization, Sound operating performance, and Conservative investment policy. Small size in Singapore market. The ratings on Sompo Japan Insurance Co. (Asia) Pte. Ltd. (Sompo Japan Asia, the company) reflect the company's strategic importance to its parent, Sompo Japan Insurance Inc. (Sompo Japan; AA-/Stable/--). Sompo Japan Asia has strong explicit support from its parent in the form of a net worth maintenance agreement that is enforceable by policyholders. The ratings also reflect its strong capitalization, sound financial performance, and conservative investment policy. These strengths are moderated by Sompo Japan Asia's small size in the competitive Singapore non-life insurance market. The ratings reflect the following factors: Integration with parent and strong explicit support. Sompo Japan's commitment
