The financial strength rating on Sompo Japan Insurance Co. (Asia) Pte. Ltd. (Sompo Japan Asia, the company; A+/Stable/--) reflects the company's strategic importance to its parent, Sompo Japan Insurance Inc. (Sompo Japan; AA-/Stable/--). Sompo Japan Asia has strong explicit support from its parent in the form of a net worth maintenance agreement that is enforceable by policyholders. The rating also reflects its strong capitalization, sound financial performance, and conservative investment policy. These strengths are moderated by Sompo Japan Asia's small size in the competitive Singapore non-life insurance market. The rating reflects the following factors: Integration with parent and strong explicit support. Sompo Japan's commitment to Sompo Japan Asia is evident through explicit and implicit support. Sompo Japan Asia is highly
