Mitsui Sumitomo Insurance Co. Ltd. (MSI; AA-/Negative/A-1+) is one of the core operating subsidiaries of MS&AD Insurance Group, which was established through the merger of the Mitsui Sumitomo Insurance Group, Aioi Insurance Co. Ltd., and Nissay Dowa General Insurance Co. Ltd. on April 1, 2010. MS&AD Insurance Group is the leading insurance group in the Japanese nonlife insurance market in terms of premium income, with a diverse business franchise supported by its close ties with the Mitsui and Sumitomo groups, Toyota Motor Corp. (AA-/Negative/A-1+), and Nippon Life Insurance Co. (AA-/Negative/--). Due to limited growth in the Japanese nonlife insurance market, MSI has diversified into life insurance and overseas businesses. Standard&Poor's Ratings Services is of the view that the
