Brand association with the stronger Japan-based parent insurance group. High level of controlled distribution channels. Above-average underwriting performance. Intermediate industry and country risk assessment of Taiwan's property and casualty (P/C, non-life) industry. Extremely strong capital adequacy relative to its risk profile, counterbalanced by small capital scale. Investment concentration in the financial sector similar to other domestic peers. Adequate access to capital markets, despite low usage given the insurer's extremely strong capital adequacy. Satisfactory management and strategy in Taiwan's competitive insurance sector. Adequate enterprise risk management with strong risk controls. Strong liquidity due to its satisfactory cash level on hand and no immediate cash flow needs. The stable outlook on Tokio Marine Newa Insurance Co. Ltd. reflects our expectation that the
