The insurer's very strong capitalization relative to its risk profile Above-average operating performance in Taiwan's competitive insurance market Strong market position with niche on motor insurance business. Implicit support from the Japan-based Tokio Marine group The obstacles it faces to achieve a strong investment profile amid high financial market volatility. The ratings on Tokio Marine Newa Insurance Co. Ltd. reflect the insurer's very strong capitalization, above-average operating performance, strong market position with a niche share in motor insurance business, 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+). Nonetheless, the obstacles that Tokio Marine Newa faces to achieve a strong investment profile amid high
