Very strong capitalization relative to its risk profile Strong underwriting performance in Taiwan's competitive insurance market Implicit support from the Japan-based Tokio Marine group Obstacles to achieve a strong investment profile Difficulty achieving a more diversified business mix The ratings on Tokio Marine Newa Insurance Co. Ltd. reflect the insurer's very strong capitalization, strong underwriting performance, and implicit support from the financially stronger Japan-based Tokio Marine group (whose core operating entity is Tokio Marine&Nichido Fire Insurance Co. Ltd.; AA-/Negative/A-1+). Nonetheless, the obstacles that Tokio Marine Newa faces to achieve a strong investment profile and difficulty to achieve a more diversified business mix partly offset the above strengths. We expect Tokio Marine Newa to maintain its very strong capitalization
