Tokio Marine Insurance Singapore Ltd.

Support from Tokio Marine&Nichido Fire Insurance Co. Ltd. A highly strategically important subsidiary of the Tokio Marine Group. S&P Global Ratings' financial strength rating on Tokio Marine Insurance Singapore Ltd. (TMIS) reflects the unconditional guarantee of the company's insurance policy obligations by its parent, Tokio Marine&Nichido Fire Insurance Co. Ltd. (local currency: A+/Stable/A-1). We expect that Tokio Marine&Nichido Fire will ensure that claims made by TMIS' policyholders are paid. We therefore equalize the rating on TMIS with that on Tokio Marine&Nichido Fire. TMIS is a 92.45%-owned subsidiary of Tokio Marine&Nichido Fire, which is a core operating subsidiary of the Tokio Marine Group. Our issuer credit rating on TMIS reflects the

...*Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings' credit ratings on the global scale are comparable across countries. S&P Global Ratings' 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 NOVEMBER 20, 2017 5...

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