Tenet Sompo Insurance Pte. Ltd.

A highly strategically important subsidiary of Sompo Japan Nipponkoa Group. The rating on Tenet Sompo Insurance Pte. Ltd. is based on our assessment of the insurer's status as a highly strategic subsidiary of Sompo Japan Nipponkoa Group (core subsidiaries rated A+/Stable/--). Our rating on Tenet Sompo is one notch lower than the 'a+' group credit profile of Sompo Japan Nipponkoa Group, given the company's highly strategic importance to the group. Our assessment of Tenet Sompo's strategic importance to Sompo Japan Nipponkoa Group reflects our view that the insurer's provision of insurance support to Japanese entities operating in Singapore and its role as a risk aggregation and transfer vehicle for other subsidiaries of the group are integral to Sompo Japan Nipponkoa

...*Unless otherwise noted, all ratings in this report are global scale ratings. Standard & Poor's credit ratings on the global scale are comparable across countries. Standard & Poor's credit ratings on a national scale are relative to obligors or obligations within that specific country. WWW.STANDARDANDPOORS.COM/RATINGSXPRESS DECEMBER 30, 2014 5...

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