...The ratings on Tokio Marine Newa Insurance Co. Ltd. (TM Newa) reflect the insurer's strong competitive position and very strong capital and earnings. Under our assessment of these factors, we could arrive at an anchor of 'a+' or 'a' on the global scale. We have chosen the anchor of 'a', given TM Newa's relatively smaller operating scale compared with other global peers with a stand-alone credit profile (SACP) of 'a+'. Our ratings on TM Newa reflect the insurer's above-average underwriting performance, brand association with the stronger Japan-based parent group TM Group, and high level of controlled distribution channels despite the insurer's slightly higher concentration in motor line business compared with domestic peers'. Although TM Newa's relatively smaller capital base compared with international peers' partly counterbalances its extremely strong capital adequacy, the insurer's capital base remains very strong, in our view. TM Newa has strong financial flexibility without outstanding...
