Intermediate industry and country risk, given the majority of the group's businesses are based in Japan's non-life and life insurance market Very strong competitive position backed by strong market position and brand recognition Diversified business lines in both non-life and life insurance Adequate operating performance but susceptible to market movements and catastrophe losses Strong capital and earnings relative to the company's assumed risks Good-quality assets but a relatively high portion of high-risk assets Strong financial flexibility with proven to access to capital markets Improving enterprise risk management (ERM) Track record of clear strategic planning, strong execution, and good financial management Our assignment of an 'a+' anchor, which is the lower of the dual anchor outcome in our rating methodology criteria
