Intermediate industry and country risk assessment of Taiwan's property and casualty (P&C) industry. Benefits from brand association with the stronger parent insurance group, which is led by Japan-based Tokio Marine&Nichido Fire Insurance Co. Ltd. High level of controlled distribution channels benefiting from its direct tied agents. Good underwriting performance. Extremely strong capital adequacy relative to its risk profile, counterbalanced by its small capital scale. Satisfactory investment diversification. Rising foreign exchange exposures due to increasingly unhedged foreign investments. Adequate access to capital markets, despite no particular needs given the insurer's extremely strong capital adequacy. Satisfactory management and strategy in Taiwan's competitive insurance sector. Adequate enterprise risk management. Exceptional liquidity due to its satisfactory cash level on hand and no
