The ratings reflect Fubon Life Insurance Co. Ltd.'s leading market share for major product lines, established business franchise from its large operating scale, and high level of controlled distribution channels. We also view the company's operating performance to be above average by local comparison. These strengths are somewhat counterbalanced by Fubon Life's modest capital adequacy, though this is a common feature among Taiwan-based life insurers. Fubon Life is a core entity of the Fubon Financial Holding Co. Ltd. (Fubon FHC) group and dominates the group credit profile, representing nearly 70%-80% of the group's consolidated total-adjusted capital base. The stable outlook on Fubon Life reflects our view that the insurer will remain a core member of the Fubon FHC group and
