Tokio Marine Outlook Revised Down To Stable, Japan Non-Life Insurance Group Ratings Affirmed Amid COVID-19 Volatility

Our capital and earnings forecasts for Japanese non-life insurance groups over the next two years have weakened because of uncertainty around financial markets triggered by the COVID-19 pandemic. We believe the groups have strong enough capital bases relative to their ratings to tolerate the pandemic-triggered turmoil. We are revising down to stable from positive our outlooks on members of the Tokio Marine group, maintaining our stable outlooks on MS&AD Insurance group and Sompo Holdings group entities, and affirming our ratings on entities within the three groups. The stable outlooks reflect our expectation that all three insurance groups will maintain very strong competitive positions and strong capitalization. TOKYO (S&P Global Ratings) April 24, 2020--S&P Global Ratings today said that it has

...April 24, 2020 - Our capital and earnings forecasts for Japanese non-life insurance groups over the next two years have weakened because of uncertainty around financial markets triggered by the COVID-19 pandemic. - We believe the groups have strong enough capital bases relative to their ratings to tolerate the pandemic-triggered turmoil. - We are revising down to stable from positive our outlooks on members of the Tokio Marine group, maintaining our stable outlooks on MS&AD Insurance group and Sompo Holdings group entities, and affirming our ratings on entities within the three groups. - The stable outlooks reflect our expectation that all three insurance groups will maintain very strong competitive positions and strong capitalization. TOKYO (S&P Global Ratings) April 24, 2020--S&P Global Ratings today said that it has revised down to stable from positive the outlooks on its long-term issuer credit ratings and financial strength ratings on Tokio Marine Group's core subsidiaries, one branch,...

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