Intermediate industry and country risk assessment of Taiwan's property and casualty (P&C) industry. Brand association with the stronger Japan-based parent insurance group. High level of controlled distribution channels. Good underwriting performance. Extremely strong capital adequacy relative to its risk profile, counterbalanced by 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. Strong liquidity due to its satisfactory cash level on hand and no immediate cash flow needs. The stable outlook reflects our expectation that Tokio Marine Newa Insurance Co. Ltd. will remain a strategically
