SINGAPORE (Standard&Poor's) Jan 10, 2003--Standard&Poor's Ratings Services today affirmed its 'A+' insurer financial strength rating on Sompo Japan Insurance Co. (Asia) Pte. Ltd. (Sompo Japan Asia). The rating reflects Sompo Japan Asia's strategic importance to its parent, Sompo Japan Insurance Inc. (Sompo Japan; AA-/Negative/--), as well as explicit support from Sompo Japan in the form of a net worth maintenance agreement. The company's standalone operating performance has been volatile, namely in its Offshore Insurance Fund (OIF) business. Moreover, the company's higher-than-average expense ratio, coupled with the hardening of reinsurance rates, is expected to remain a drag on underwriting results. "Sompo Japan Asia is highly integrated with Sompo Japan, servicing local operations of parent group clients and
