The ratings on Sompo Japan Insurance Co. (Asia) Pte Ltd. (Sompo Japan Asia, the company) reflect its strategic importance to its parent, Sompo Japan Insurance Inc. (Sompo Japan; AA-/Stable/--). The company benefits from strong explicit support from its parent in the form of a net worth maintenance agreement that is enforceable by policyholders. The ratings also reflect its strong capitalization, sound financial performance, and conservative investment policy. These strengths are counterbalanced by Sompo Japan Asia's small size in the Singapore market. The ratings reflect the following factors: Strong explicit support from and integration with parent. Sompo Japan's commitment to Sompo Japan Asia is evident through both explicit and implicit support. Sompo Japan Asia is highly integrated with the Sompo Japan
