Summary: Tenet Sompo Insurance Pte. Ltd.

Standard&Poor's Ratings Services' rating on Tenet Sompo Insurance Pte. Ltd. is based on our assessment of the insurer's status as a highly strategic subsidiary of Sompo Japan Nipponkoa Group (core subsidiaries rated A+/Stable/--). Our rating on Tenet Sompo is one notch lower than the 'a+' group credit profile of Sompo Japan Nipponkoa Group, given the company's highly strategic importance to the group. Under the group's revised business model, in 2015, Tenet Sompo started operating as an underwriting agent for the head office, rather than as a reinsurance hub. Our assessment of Tenet Sompo's strategic importance to Sompo Japan Nipponkoa Group reflects our view that the company's revised structure and continued focus on local business are integral to Sompo

...Standard & Poor's Ratings Services' rating on Tenet Sompo Insurance Pte. Ltd. is based on our assessment of the insurer's status as a highly strategic subsidiary of Sompo Japan Nipponkoa Group (core subsidiaries rated A+/Stable/--). Our rating on Tenet Sompo is one notch lower than the 'a+' group credit profile of Sompo Japan Nipponkoa Group, given the company's highly strategic importance to the group. Under the group's revised business model, in 2015, Tenet Sompo started operating as an underwriting agent for the head office, rather than as a reinsurance hub. Our assessment of Tenet Sompo's strategic importance to Sompo Japan Nipponkoa Group reflects our view that the company's revised structure and continued focus on local business are integral to Sompo Japan Nipponkoa Group's strategy. The group has shown a strong commitment to support Tenet Sompo through a net-worth maintenance agreement. The parent injected Singapore dollar (S$) 333.7 million in 2011 and S$50 million in 2012 to support...

Summary