Strong capitalization Above-average operating performance Implicit support from Japan's Tokio Marine group Challenge to achieve satisfactory business growth Challenge to achieve a strong investment profile The ratings on Tokio Marine Newa Insurance Co. Ltd. reflect the insurer's strong capitalization, above-average operating 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/Stable/A-1+), which holds 48.9% of the company's shares. These strengths are moderated by the challenges Tokio Marine Newa faces to achieve satisfactory business growth and a strong investment profile. Tokio Marine Newa is strategically important to the Tokio Marine group's business development strategy for Asia. Tokio Marine Newa became the Tokio Marine group's sole
