The ratings on Tokio Marine Insurance Singapore Ltd. (TM Singapore) reflect the Singapore-based property and casualty insurer's highly strategic role in the Tokio Marine Group (core operating subsidiaries rated AA-/Negative). In our view, TM Singapore is integral to the overall group strategy. However, the insurer's contribution to the group's capital and earnings is less than 5% and limits its group status. The stand-alone credit profile of TM Singapore reflects the insurer's strong competitive position because of its strong operating performance relative to peers' and very strong capital and earnings. TM Singapore's modest capital size tempers these strengths. Under our criteria, these assessments would lead to strong business and financial risk profiles with a possible anchor of either 'a' or 'a-'.
