Average underwriting performance following business adjustment towards personal line insurance with satisfactory business quality. Intermediate industry and country risk of Taiwan's property and casualty (P/C, non-life) industry. Extremely strong capital adequacy relative to its risk profile, counterbalanced by its small capital scale. Satisfactory investment profile with a prudent investment strategy and diversified risk profile. Satisfactory management and governance supported by consistent strategic planning and underwriting improvements. Adequate risk control with satisfactory risk culture. Strong liquidity profile with high cash holding. The stable outlook reflects our expectation that Union Insurance Co. Ltd. can maintain its capital adequacy at an extremely strong level relative to its risk profile over the next one to two years. We also belive the insurer is likely
