Tokio Marine Insurance Singapore Ltd.

Guarantee support from Tokio Marine&Nichido Fire Insurance Co. Ltd. for policyholder obligations. Highly strategic subsidiary of Tokio Marine Group, resulting in likely group support. The insurer financial strength rating on Tokio Marine Insurance Singapore Ltd. (TMIS) is equalized with that on its parent, Tokio Marine&Nichido Fire Insurance Co. Ltd. (TMNF: local currency A+/Positive/A-1). This reflects the explicit support that TMNF provides to TMIS in the form of an unconditional guarantee on its insurance policy obligations. We expect TMNF to honor claims made by TMIS' policyholders. TMNF, which is a core operating subsidiary of the Tokio Marine Group, owns 92.45% of TMIS. Our issuer credit rating on TMIS reflects the insurer's highly strategic role in the Tokio

...*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 DECEMBER 22, 2019 5...

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