Above-average underwriting performance. High level of controlled distributed channels. Solid brand associated with the stronger Japan-based parent insurance group. Extremely strong capital adequacy and strong liquidity level. Higher business concentration in the fiercely competitive motor line business relative to peers'. Relatively small capital scale, which counterbalanced the company's extremely strong capital adequacy. Investment concentration in the financial sector, which is common in the domestic non-life insurance industry. 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
