Strong implicit support from its parent; Sound capitalization; Good business profile; and Satisfactory investment portfolio. Weakening underwriting performance with increasing risk appetite; and Competitive domestic market characterized by price competition. The 'AA-' counterparty credit rating on Tokio Marine Insurance Singapore Ltd. (TMI Singapore) reflect the implicit support from the company's parent, Tokio Marine&Nichido Fire Insurance Co. Ltd. (Tokio Marine; AA/Stable/A-1+). It also reflects TMI Singapore's strategically important role to the wider group's expansion plan in Asia, its sound capitalization, good business profile, and satisfactory investment portfolio. However, intense competition within the domestic market and the company's heightened risk profile while it expands its local business has added to the pressure on its operating performance. TMI Singapore, previously known
