The insurer's strong capitalization relative to its risk profile Above-average operating performance in Taiwan's competitive insurance market Implicit support from the Japan-based Tokio Marine group Difficulties to achieve a diversified business profile under Taiwan's highly competitive operating environment 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/Negative/A-1+). The difficulties for Tokio Marine Newa to achieve a diversified business profile under Taiwan's highly competitive operating environment partly offset these strengths. Tokio Marine Newa's capitalization is strong on a risk-adjusted basis, and we expect the insurer to maintain
