Intermediate industry and country risk, given its business is based in Japan's non-life and life insurance markets Relatively small business with a modest share in the domestic non-life insurance market Vulnerability of operating performance to catastrophe-related losses and financial market volatility Moderately strong capital and earnings relative to assumed risks Moderate risk position, with potentially volatile capital and earnings because of catastrophe-risk exposure and a portfolio containing a certain portion of high-risk assets such as equities Adequate financial flexibility, with likely financial support from parent if necessary Adequate enterprise risk management (ERM) Fair management and governance Exceptional liquidity, with sufficient liquid assets such as highly rated bonds The ratings are three notches above the stand-alone credit profile (SACP) reflecting its
