Tenet Sompo Insurance Pte. Ltd.

A highly strategically important subsidiary of Sompo Japan Nipponkoa Group. Standard&Poor's Ratings Services' 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. Under the group's revised business model, in 2015, Tenet Sompo started operating as an underwriting agent for the head office, rather than as a reinsurance hub. Our assessment of Tenet Sompo's strategic importance to Sompo Japan Nipponkoa Group reflects our view that the company's revised structure

...*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. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees. WWW.STANDARDANDPOORS.COM/RATINGSXPRESS DECEMBER 29, 2015 5...

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