The ratings on Tokio Marine Insurance Singapore Ltd. (TM Singapore) reflect the company's strategically important role to its parent, Tokio Marine&Nichido Fire Insurance Co. Ltd. (Tokio Marine; local currency AA-/Negative/A-1+). The ratings also reflect TM Singapore's sound capitalization, and moderately strong operating performance and investment profile. TM Singapore's significant, but reducing, exposure to risky assets and the company's modest market position in Singapore's competitive general insurance market partly offset these strengths. We believe TM Singapore is strategically important to Tokio Marine as the group expands in Asia. TM Singapore has significant resourcing support from Tokio Marine Asia Pte. Ltd., the group's regional headquarters, in areas such as reinsurance, risk management, investment, and internal audits. TM Singapore's capitalization remains
