The ratings on The TM Asia Insurance Singapore Ltd. (TM Asia Insurance) reflects the implicit support from its parent group, Tokio Marine&Nichido Fire Insurance Co. Ltd. (Tokio Marine, local currency AA/Stable/A-1+), in terms of the wider group's expansion plan in Asia. The ratings also reflect the company's strong financial profile, characterized by strong capitalization relative to the risks underwritten, satisfactory overall operating profitability and investment profile, although it has relatively high exposure to equities when compared with its peers. These factors, however, are moderated by the competitive domestic operating environment, which adds pressure to TM Asia Insurance's financial performance. Strong capitalization position, relative to its insurance and investment risks, compares favorably with its rated domestic peers. Its solvency
