...The ratings on Tokio Marine Newa Insurance Co. Ltd. (TM Newa) reflect the insurer's strong competitive position and very strong capital and earnings. Under our assessment of these factors, we could arrive at an anchor of 'a+' or 'a' on the global scale. We have chosen the anchor of 'a', given TM Newa's relatively smaller scale compared with other global peers with a stand-alone credit profile (SACP) of 'a+'. TM Newa benefits from its above-average underwriting performance, high level of controlled distribution channels, and brand association with the stronger Japan-based parent group, TM Group. TM Newa also has extremely strong capital adequacy and displays strong financial flexibility without outstanding borrowings or debts. The company also maintains strong liquidity, in our view, given its highly liquid asset portfolio. We consider TM Newa's investment strategy to be prudent despite a recent higher holding of equities and overseas investments. We believe the insurer has adequately managed...
