...Our ratings on Secom General Insurance Co. Ltd. (Secom General) reflect our assessments of the company's business risk profile as satisfactory and its financial risk profile as upper adequate. Secom General benefits from having the sales agency of its parent company as its main sales channel. It also finds strength in the products and services that it provides in cooperation with its parent company, Secom. Secom General also provides a unique cancer insurance product, MEDCOM, together with Fukoku Mutual Life Insurance Co. S&P Global Ratings believes Secom General is likely to maintain its unique competitive position supported by various collaborations, although it has limited business scale and market share. Given Japan's very low interest rate environment, Secom General has been expanding its investment portfolio overseas. Although we believe risks associated with foreign investments are high relative to the company's capital level, it has been accumulating retained earnings and its capital...
