Strong implicit support from its parent Strong capitalization Satisfactory operating performance Modest position compared to peers' in a competitive domestic market Significant exposure in risky assets although overall investment profile is good The rating on Tokio Marine Insurance Singapore Ltd. (TM Singapore) reflects the company's strategically important role to its parent, Tokio Marine&Nichido Fire Insurance Co. Ltd. (Tokio Marine; local currency AA-/Negative/A-1+). The rating also reflects TM Singapore's sound capitalization, satisfactory operating performance and good investment profile. TM Singapore's significant, but reducing, exposure to risky assets, and its modest market position in Singapore's competitive general insurance market partly offset these strengths. We believe TM Singapore is strategically important to Tokio Marine as the group expands into Asia. The
