24-D-0446
July 12, 2024

Japan Credit Rating Agency, Ltd. (JCR) announces the following credit rating.

MS&AD Insurance Group Holdings, Inc. (security code: 8725)<Affirmation>
Long-term Issuer Rating:
Outlook:Bonds (Dated subordinated bonds):

AA+
StableAA-

Mitsui Sumitomo Insurance Company, Limited (security code: -)<Affirmation>
Long-term Issuer Rating:
Outlook:CP:

AA+
StableJ-1+

Aioi Nissay Dowa Insurance Company, Limited (security code: -)<Affirmation>
Long-term Issuer Rating:
Outlook:
Ability to Pay Insurance Claims:
Outlook:CP:

AA+
StableAA+
StableJ-1+

Rationale(1) The MS&AD Insurance Group (“MS&AD Group”) is a major non-life insurance group, which has Mitsui
Sumitomo Insurance Company, Limited (“MSI”) and Aioi Nissay Dowa Insurance Company, Limited(“ADI”), the two core companies, Mitsui Sumitomo Aioi Life Insurance Co., Ltd. (“MSA Life”), Mitsui
Sumitomo Primary Life Insurance Co., Ltd. (“MSP Life”) and others, under the umbrella of theinsurance holding company MS&AD Insurance Group Holdings, Inc. (“MS&AD HD”). Having several
insurance companies overseas, including MS Amlin plc, it has been building a risk- andgeographically-diversified business portfolio. JCR views that the Group's group creditworthiness isequivalent to "AA+" based on evaluation of the solid business foundation in the domestic non-life
insurance business, stable earnings power backed by diversification with the domestic life insurance
business and international business, and financial soundness, etc.
(2) The MS&AD Group is characterized by that the two core companies have strengths in different areas.
MSI is developing its insurance and financial services business globally based on its huge domestic
customer base centered on the Mitsui Group and Sumitomo Group. ADI's strength lies in its
partnerships with the Toyota Group and Nippon Life Group. In the past few years, there have beensignificant changes in the business environment, such as rising inflation and interest rates, as well as
the impact of natural disasters, including the reinsurance business, which have put downward
pressure on the group adjusted profit (on an internally managed basis). However, ongoing efforts to
reduce natural disaster risks, improvement in MS Amlin's profit, and the effects of group synergies
have led to profit growth. Although the impact of natural disasters is unavoidable in the future, JCR
believes that the Group can post stable profits, given the progress made in diversifying its businessportfolio through the contribution of the International business to profits.
(3) In automobile insurance, the mainstay of the domestic non-life insurance business, the MS&AD
Group is expanding sales of telematics insurance with low accident frequency. The loss ratio has
deteriorated due to an increase in the number of accidents with the recovery of traffic volume after
the end of COVID-19 pandemic, and higher unit repair costs due to inflation, but JCR believes that
this can be covered in the medium term through premium rate revisions and other measures. In fire
insurance, profitability has steadily improved due to ongoing efforts such as premium rate revisions,stricter underwriting, and measures against large losses. The Group is continuously working on the"One Platform Strategy" to reduce operating expenses, including commonization of administrative
work and development of joint claims services system. JCR will pay attention to whether the benefits
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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

of reduced operating expenses can materialize as expected through integrated operations that takeadvantage of economies of scale and increased efficiency by outsourcing business operations and it
can strengthen competitiveness. In the domestic life insurance business, MSA Life is focusing onsales of relatively profitable protection type products, while strengthening life and non-life sales mainly
through non-life insurance agents. MSP Life has one of the best business bases in the industry forsales through bankassurance, and is developing products that contribute to long-term investments
for asset-forming customers. JCR will pay attention to whether the MS&AD Group can increase the
EEV's new business value by promoting cross-selling between the two life insurers and developing
new products.
(4) In the international business, earnings recovery has been a challenge, as MS Amlin posted large
natural disaster-related losses in previous years, which put downward pressure on the Group's overallprofits. Currently, there has been an improvement in insurance services profit as a result of efforts for
reduction of underwriting of natural disaster risk in the Lloyd's syndicate and the reinsurance business,
portfolio replacement through withdrawal from unprofitable lines of business, premium rate increases,
and other measures. While the contributions to group adjusted profit expansion, diversification ofrevenue sources, and risk diversification are increasing, JCR will continue to monitor closely whether
MS Amlin can maintain the improving trend in the profit. Going forward, the key point will be whether
MS Amlin can appropriately control underwriting risk and expand the scale of transactions. In the
Toyota Retail business, the merger of ADI's advanced telematics automobile insurance technology
and the Toyota Group's customer base is beginning to produce results in the differentiation of products
and services.
(5) ESR on a group’s consolidated basis has been flat and is at a level sufficient to maintain soundness
even under a considerable degree of stress. Although the sensitivity to economic assumptions was
not high from the beginning, the acceleration of sales of strategically held shares in response to aseries of improper cases is expected to further reduce price fluctuation risk and capital fluctuations.
The MS&AD Group aims to expand its corporate value by improving profitability and capital efficiency,
while ensuring soundness based on the ERM cycle. The MS&AD Group utilizes economic valuebased assessments in its business plans, product strategies, asset management policies, retention
and reinsurance policies, etc. and its ERM is highly mature.
(6) The two core companies received a business improvement order for premium adjustments in thecorporate insurance field in December 2023, and has been implementing improvement measures inline with its business improvement plan. JCR believes it is important to establish an effective
compliance system that prevents similar problems from occurring. Although it will take a reasonableamount of time to reform the corporate culture and confirm the results of each measure, JCR will
monitor the progress.
Issuer: MS&AD Insurance Group Holdings, Inc.
MS&AD HD is the insurance holding company of the MS&AD Group. The issuer rating is equivalent to
the Group's group creditworthiness. The rating does not reflect the structural subordination of the holding
company, as the double leverage ratio has remained below a certain level and JCR believes that theprobability of a large increase is low.
Issuer: Mitsui Sumitomo Insurance Company, Limited
MSI is the core company of the MS&AD Group, and MS&AD HD holds 100% of the voting rights. The
issuer rating is equivalent to the Group's group creditworthiness. It is developing its insurance andfinancial services business globally based on its huge domestic customer base centered on the MitsuiGroup and the Sumitomo Group. MSI has a solid and thick business foundation in large corporations,middle-scale enterprises, SMEs, and individual transactions, and has built a solid position in the domestic
market.
Issuer: Aioi Nissay Dowa Insurance Company, Limited
ADI is the core company of the MS&AD Group, and MS&AD HD holds 100% of the voting rights. The
issuer rating is equivalent to the Group's group creditworthiness. Having strength in its partnerships with
the Toyota Group and Nippon Life Group, ADI has a solid and thick business foundation in large
corporations, middle-scale enterprises, SMEs, and individual transactions, and has built a solid positionin the domestic market. ADI's strength lies in its flexible developments of products and services that meet
diversifying needs, such as its development of automobile insurance utilizing telematics technology
ahead of other companies.
Tomohiro Miyao, Seito Achiha
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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

Rating
Issuer: MS&AD Insurance Group Holdings, Inc.
<Affirmation>

Long-term Issuer Rating: AA+
Outlook: Stable
Issue
Amount (bn)Issue Date
Due Date
CouponRating2nd Series Deferrable Interest and Callable Unsecured Subordinated Bonds
JPY 30Dec. 26, 2016
Dec. 25, 2076
(Note 1)AA3rd Series Deferrable Interest and Callable Unsecured Subordinated Bonds
JPY 50Jan. 31, 2017
Jan. 31, 2047
(Note 2)
AANotes:
1. 1.24% until and including December 26, 2026. 6M Euroyen LIBOR + 1.92% after that date.
2. 1.18% until and including January 31, 2027. 6M Euroyen LIBOR + 1.92% after that date.

Issuer: Mitsui Sumitomo Insurance Company, Limited<Affirmation>

Long-term Issuer Rating: AA+
CP: J-1+
Maximum: JPY 400 billion

Outlook: Stable

Issuer: Aioi Nissay Dowa Insurance Company, Limited<Affirmation>

Long-term Issuer Rating: AA+
Ability to Pay Insurance Claims: AA+
CP: J-1+
Maximum: JPY 75 billion

Outlook: Stable
Outlook: Stable

Rating Assignment Date: July 9, 2024
The assumptions for the credit ratings and the definitions of the rating symbols are published as "Types of Credit Ratings and Definitionsof Rating Symbols" (January 6, 2014) in Information about JCR Ratings on JCR's website (https://www.jcr.co.jp/en/).
Outline of the rating methodology is shown as "JCR's Rating Methodology" (February 1, 2024), "Non-Life Insurance" (February
8, 2024) "Rating Methodology for Financial Groups' Holding Companies and Group Companies" (September 1, 2022), "Ratingsof Hybrid Securities" (September 10, 2012) and "Rating Methodology for Financial Institutions' Capital and TLAC Instruments"(April 27, 2017) in Information about JCR Ratings on JCR's website (https://www.jcr.co.jp/en/).
The rating stakeholder participated in the rating process of the aforementioned credit ratings.

Japan Credit Rating Agency, Ltd.
Jiji Press Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan
Tel. +81 3 3544 7013, Fax. +81 3 3544 7026
Information herein has been obtained by JCR from the issuers and other sources believed to be accurate and reliable. However, because of the possibility of human or mechanical error as well as other factors,
JCR makes no representation or warranty, express or implied, as to accuracy, results, adequacy, timeliness, completeness or merchantability, or fitness for any particular purpose, with respect to any suchinformation, and is not responsible for any errors or omissions, or for results obtained from the use of such information. Under no circumstances will JCR be liable for any special, indirect, incidental orconsequential damages of any kind caused by the use of any such information, including but not limited to, lost opportunity or lost money, whether in contract, tort, strict liability or otherwise, and whether
such damages are foreseeable or unforeseeable. JCR's ratings and credit assessments are statements of JCR's current and comprehensive opinion regarding redemption possibility, etc. of financial obligations
assumed by the issuers or financial products, and not statements of opinion regarding any risk other than credit risk, such as market liquidity risk or price fluctuation risk. JCR's ratings and credit assessments
are statements of opinion, and not statements of fact as to credit risk decisions or recommendations regarding decisions to purchase, sell or hold any securities such as individual bonds or commercial paper.
The ratings and credit assessments may be changed, suspended or withdrawn as a result of changes in or unavailability of information as well as other factors. JCR receives a rating fee paid by issuers for
conducting rating services in principle. JCR retains all rights pertaining to this document, including JCR's rating data. Any reproduction, adaptation, alteration, etc. of this document, including such rating
data, is prohibited, whether or not wholly or partly, without prior consent of JCR.
JCR is registered as a "Nationally Recognized Statistical Rating Organization" with the U.S. Securities and Exchange Commission with respect to the following four classes. (1) Financial institutions, brokers
and dealers, (2) Insurance Companies, (3) Corporate Issuers, (4) Issuers of government securities, municipal securities and foreign government securities.
JCR publishes its press releases regarding the rating actions both in Japanese and in English on the same day. In case that it takes time to translate rating rationale, JCR may publicize the summary version,
which will be replaced by the full translated version within three business days. (Regarding Structured Finance products, JCR only publicize the summary version in English.)

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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

I n f o r m at i o n D i s c l o s u r e F o r mJapan Credit Rating Agency, Ltd.

Disclosure Required by Paragraph (a)(1)(ii) of Rule 17g-7
MS&AD Insurance Group Holdings, Inc.
Issuer:Mitsui Sumitomo Insurance Company, Limited
Aioi Nissay Dowa Insurance Company, Limited

Rating Publication
Date:

1

July 12, 2024

The Symbol, Number, or Score in the Rating Scale used to Denote Credit Rating Categories andNotches and, the Identity of the Obligor or the Identity and a Description of the Security or Money
Market Instrument as Required by Paragraph (a)(1)(ii)(A) of Rule 17g-7
 Please see the news release. If the credit rating is a private rating, please see the report for private
rating.

2

The version of the procedure or methodology used to determine the credit rating; as Required by
Paragraph (a)(1)(ii)(B) of Rule 17g-7
 Please see the news release. If the credit rating is a private rating, please see the report for private
rating.

3

The Main Assumptions and Principles used in Constructing the Procedures and Methodologies used
to Determine the Credit Rating as Required by Paragraph (a)(1)(ii)(C) of Rule 17g-7
 The credit rating methodology assumes, in principle, to be applied to assess the likelihood of a given
debt payment in light of its issuer’s condition and business environment, etc. in the relevant future.
There is certain limitation, however, in the time horizon that the rating foresees.
 The credit rating methodology assumes, in principle, that the factors posted in the below areparticularly important for such likelihood to be determined, and that the rating determination is madeby evaluating each of them not only quantitatively but also employing qualitative analyses.

A) Business Bases
The likelihood of a given debt payment is highly conditional to its issuer’s business bases - how they
can be maintained/ expanded into the future and thereby secure earnings and cash flows in adequacy
and in a sustainable way.
B) Financial Grounds and Asset Quality
The likelihood of debt payment is highly dependent on the degree of the issuer’s indebtedness and loss
absorption capacity in terms of equity capital. Also notable is that a financial institution might see asignificant loss of financial grounds as a result of changes in value of the assets under its possession.

1/5C) Liquidity Positions
The likelihood of debt payment is highly dependent on the adequacy of the issuer’s cash and othersources of repayment (liquidity positions).
D) Related Parties’ Status and Stance of Support/ Assistance for the Issuer
The likelihood of debt payment is affected one way or the other by the issuer’s related parties such as
parent company, subsidiary, guarantor, and the government of the issuer’s business domicile, etc. - bytheir own conditions and/ or position of support/ assistance for the issuer.
E) Order of Seniority in Debt Payment
The likelihood of debt payment can be different between given debts of the same issuer. The likelihoodof debt payment for an individual debt is dependent on the issuer’s discretion, and/ or its rank relative
to other debts of the same issuer in the order of seniority in principal/ interest payment which isdetermined by design as financial product or by laws, etc.

4

The Potential Limitations of the Credit Rating as Required by Paragraph (a)(1)(ii)(D) of Rule 17g-7
 The credit rating herewith presented by JCR is its summary opinion with regard to the likelihood ofgiven debt payment and hence not necessarily a perfect representation of such likelihood. The credit
rating is not intended to estimate the probability of default or the loss on given default, either.
 The objective of the credit rating herewith presented does not include any concerns other than thelikelihood of debt payment, such as risks of price changes, market liquidity, etc.
 The credit rating herewith presented is necessary to be reviewed along with possible changes of theissuer of rated objects in its business performance and/ or circumstances which include regulatoryenvironment, and hence subject to possible alteration.

5

Information on the Uncertainty of the Credit Rating as Required by Paragraph (a)(1)(ii)(E) of Rule
17g-7
 The information used for the determination of credit rating as herewith presented is obtained by JCR
from the issuer of rated objects and other sources that JCR trusts in terms of accuracy and reliability
but possibly contains errors due to human, non-human or other causes. Consequently, the credit rating
determined on the grounds of such information does not constitute, explicitly or implicitly, any
representation or warrant of JCR on the information itself or any consequences of its use in terms ofaccuracy, relevance, timeliness, wholeness, market value, or usefulness for any specific purposes.

6

Use of Due Diligence Services of a Third Party in Taking the Rating Action as Required by Paragraph(a)(1)(ii)(F) of Rule 17g-7
 There is no use of any third-party due diligence service in the determination of the credit ratingherewith presented.

7

Use of Servicer or Remittance Reports to Conduct Surveillance of the Credit Rating Required by
Paragraph (a)(1)(ii)(G) of Rule 17g-7
 There is no use of any servicer or remittance report to conduct surveillance of the credit rating herewithpresented.

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8

The Types of Data Relied Upon for the Purpose of Determining the Credit Rating as Required by
Paragraph (a)(1)(ii)(H) of Rule17g-7
 The information posted in the below, which includes data, is used for the determination of the credit
rating herewith presented.
A) Audited financial statements presented by the rating stakeholders
B) Explanations of business performance, management plans, etc. presented by the rating stakeholders

9Overall assessment of the Quality of Information Available and Considered in Determining theCredit Rating as Required by Paragraph (a)(1)(ii)(l) of Rule 17g-7
 JCR holds its basic policies for securing the quality of information as a base of due diligence for thedetermination of credit ratings. The information used as a base for the determination of credit ratingherewith presented satisfies such policies, which include the audit by an independent auditor, thewarranty made by the issuer, the publication by the issuer, some independent media or, otherwise, JCR
analyst’s scrutiny, etc.
 JCR sees no particular weakness in the quality of information used for the determination of the credit
rating herewith presented as compared to the information used in other cases of the credit rating forcomparable issuers or ratable objects.
 If the credit rating is an Indication, please see the report for Indication.

10 Information Relating to Conflicts of Interest as Required by Paragraph (a)(1)(ii)(J) of Rule 17g-7
 JCR receives payment of compensation for the determination of the credit rating herewith presented
from either one of those parties who are issuer, underwriter, depositor or sponsor.
 JCR received in the last fiscal year in the past payment of compensation from MS&AD InsuranceGroup Holdings, Inc. and MITSUI SUMITOMO INSURANCE COMPANY, LTD. for any kind of
JCR’s service other than the determination of credit rating, such as one in the ancillary business.
 JCR did not receive in the last fiscal year in the past payment of compensation from AIOI NISSAY
DOWA INSURANCE COMPANY, LIMITED for any kind of JCR’s service other than thedetermination of credit rating, such as one in the ancillary business.

or Measure of the Potential Volatility of the Credit Rating as Required by Paragraph
11 Explanation(a)(1)(ii)(K) of Rule 17g-7
A) Business Bases
The credit rating is subject to alteration if there is improvement or deterioration of the issuer’s businessbases, since its revenue, etc. may improve or deteriorate by the change in its business management
policies, clients’ preferences, competitive situation, or a technological innovation. The resultant
alteration of the credit rating is usually by a notch, with possibility of a few notches if and when thechange in the business bases is large.
B) Financial Grounds and Asset Quality
The credit rating is subject to alteration if the issuer increases/ decreases its debt/ capital or vice versa
and thereby makes its individual debt payment liability less or more bearable and its loss absorption
capacity into the future decreased or increased. Also, the changes in the quality of asset under theissuer’s holding may affect the credit rating, since such changes could raise or lower the likelihood of
future loss of the issuer’s financial grounds. The resultant alteration of the credit rating is usually by a

3/5

notch, with possibility of a few notches if and when the change in the financial grounds and/ or asset
quality is large.

C) Liquidity Positions
The credit rating is subject to alteration if there is a change in the issuer’s financial management policy
or in the relations with fund procurement sources and the change thereby makes its liquidity positions
improve or deteriorate. The resultant alteration of the credit rating is usually by a notch, with possibilityof a few notches if and when the change is large.
D) Related Parties’ Status and Stance of Support/ Assistance for the Issuer
The credit rating is subject to alteration if there is a change in the issuer’s parent company or subsidiary,guarantor or other provider of credit enhancement, or the government of the issuer’s business domicile,or other related parties’ own conditions and/ or position of support/ assistance for the issuer, and thechange thereby makes its business bases, financial grounds and/ or liquidity positions improve or
deteriorate, and/ or making the effectiveness of guarantee and other credit enhancement improve or
deteriorate. The resultant alteration of the credit rating is usually a notch, with possibility of a few
notches if and when the change is large.
E) Order of Seniority in Debt Payment and Non-Payment Forgiven by Contract
The credit rating is subject to alteration if there is a change in the rated debt’s status in the order ofseniority relative to other debts caused by the improvement/ deterioration of the issuer’s financial
condition. The resultant alteration of the credit rating is usually a notch, with possibility of a few
notches if and when the change is large. Also, in case of the financial products for which non-payment
of interest/ principal is contractually permissible, the credit rating is subject to alteration if and when
the likelihood of such non-payment is projected to increase or decrease. The resultant alteration of thecredit rating could be by a notch but often as much as a few notches.
F) Rise and Fall in General Economy and Markets
The credit rating is subject to alteration if there is a rise/ fall in the general economy and/ or the markets
inducing the issuer’s revenues/ expenses to increase/ decrease and vice versa, etc. The resultant
alteration of the credit rating is usually by a notch, with possibility of a few notches if and when thechange is exceptionally large.
G) Various Events
The credit rating is subject to alteration on occurrence of various events, such as change in the issuer’s
major shareholders, M&A and other organizational change, accident, violation of the law, litigation,legal/ regulatory change, natural disaster, etc., which are unforeseeable at the time when the credit
rating is determined, causing a significant change on the issuer’s business bases, financial grounds, etc.
The resultant alteration of the credit rating could be by a notch but more often than not as much as afew notches.

12

Information on the Content of the Credit Rating, Including the Historical Performance of the Credit
Rating and the Expected Probability of Default and the Expected Loss in the Event of Default as
Required by Paragraph (a)(1)(ii)(L) of Rule 17g-7
 Historical records of the credit rating herewith presented are posted in the end of this paper.
 The credit rating herewith presented by JCR is its summary opinion with regard to the likelihood ofgiven debt payment and hence not necessarily a perfect representation of such likelihood. The credit
rating is not intended to estimate the probability of default or the loss on given default, either.
 Facts of the probability of default are posted as Form NRSRO Exhibit 1 on the JCR website under the
URL:
https://www.jcr.co.jp/en/service/company/regu/nrsro/on the Sensitivity of the Credit Rating to Assumptions Made as Required by Paragraph
13 Information(a)(1)(ii)(M) of Rule 17g-7
A) Business Bases
The credit rating herewith presented could be changed if and when the assumptions made at the time ofits determination turn out to be inaccurate with regard to the issuer’s business bases and powers of
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earning or cash flow generation, etc. The resultant change of the credit rating is most likely by a notch,
as JCR speculates, but possibly as much as a few notches if the development is rapid in improvement or
deterioration of the issuer’s business bases on some drastic change in the operational environments, etc.

B) Financial Grounds and Asset Quality
The credit rating herewith presented could be changed if and when the assumptions made at the time ofits determination turn out to be inaccurate with regard to the issuer’s financial grounds and asset
quality. The resultant change of the credit rating is most likely by a notch, as JCR speculates, but
possibly as much as a few notches if the development is rapid in improvement or deterioration of theissuer’s financial grounds and/ or asset quality on some drastic change in its business bases.
C) Liquidity Risks
The credit rating herewith presented could be changed if and when the assumptions made at the time ofits determination turn out to be inaccurate with regard to the issuer’s liquidity positions. The resultant
change of the credit rating is most likely by a notch, as JCR speculates, but possibly as much as a few
notches if the development is rapid in improvement or deterioration of the issuer’s liquidity positions
on some drastic change in its financial management policy or relations with fund procurement sources,
etc.
D) Related Parties’ Status and Stance of Support/ Assistance for the Issuer
The credit rating herewith presented could be changed if and when the assumptions made at the time ofits determination turn out to be inaccurate with regard to the issuer’s parent company or subsidiaries,
guarantor or other providers of credit enhancement, the government of the issuer’s business domicile orother related parties’ status and stance of support/ assistance for the issuer. The resultant change of thecredit rating is most likely by a notch, as JCR speculates, but possibly as much as a few notches if there
is a major change on the part of related parties, such as replacement, disappearance, some drastic
improvement/ deterioration of financial grounds/ balances, etc.
E) Rise and Fall in General Economy and Markets
The credit rating herewith presented could be changed if and when the assumptions made at the time ofits determination turn out to be inaccurate with regard to the prospects of general economy and markets.
JCR expects the change should be most likely by a notch but could be as much as a few notches, should
the economy or the markets change so greatly.

on the Representations, Warranties, and Enforcement Mechanisms of an Asset-backed
14 Information
Security as Required by Paragraph (a)(1)(ii)(N) of rule 17g-7
 The credit rating herewith presented is not for an ABS product, and hence no relevant issue.

Japan Credit Rating Agency, Ltd.
Jiji Press Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan
Tel. +81 3 3544 7013, Fax. +81 3 3544 7026

ormation herein has been obtained by JCR from the issuers and other sources believed to be accurate and reliable. However, because of the possibility of human or mechanical error as well as
er factors, JCR makes no representation or warranty, express or implied, as to accuracy, results, adequacy, timeliness, co mpleteness or merchantability, or fitness for any particular purpose,h respect to any such information, and is not responsible for any errors or omissions, or for results obtained from the us e of such information. Under no circumstances will JCR be liable for
special, indirect, incidental or consequential damages of any kind caused by the use of any such information, including but not limited to, lost opportunity or lost money, whether in contract,, strict liability or otherwise, and whether such damages are foreseeable or unforeseeable. JCR’s ratings and credit assessments are statements of JCR’s current and comprehensive opinion
arding redemption possibility, etc. of financial obligations assumed by the issuers or financial products, and not statements of opinion regarding any risk other than credit risk, such as market
uidity risk or price fluctuation risk. JCR’s ratings and credit assessments are statements of opinion, and not statements of fact as to credit risk decisions or recommendations regarding decisions
purchase, sell or hold any securities such as individual bonds or commercial paper. The ratings and credit assessments may be changed, suspended or withdrawn as a result of changes in or
vailability of information as well as other factors. JCR retains all rights pertaining to this document, including JCR’s rating data. Any reproduction, adaptation, alteration, etc. of this document,
uding such rating data, is prohibited, whether or not wholly or partly, without prior consent of JCR.

R is registered as a "Nationally Recognized Statistical Rating Organization" with the U.S. Securities and Exchange Commission with respect to the following fo ur classes. (1) Financial
itutions, brokers and dealers, (2) Insurance Companies, (3) Corporate Issuers, (4) Issuers of government securities, municipal securities and foreign government securities.

5/5

The Historical Performance of the Credit Rating
Issuer Name

MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.
MS&AD Insurance Group
Holdings, Inc.

Issue Name

Publication Date

RatingOutlook/Direction

Issuer(Long-term)

November 28, 2016

AA

StableIssuer(Long-term)

June 1, 2017AA

StableIssuer(Long-term)

June 15, 2018

AA

StableIssuer(Long-term)

June 21, 2019

AA

StableIssuer(Long-term)

June 25, 2020

AA

StableIssuer(Long-term)

June 25, 2021

AA

StableIssuer(Long-term)

June 24, 2022

AA

StableIssuer(Long-term)

June 28, 2023

AA+

StableBonds no.2(subordinated)

December 16, 2016

A+

Bonds no.2(subordinated)

June 1, 2017

A+

Bonds no.2(subordinated)

June 15, 2018

A+

Bonds no.2(subordinated)

June 21, 2019

A+

Bonds no.2(subordinated)

June 25, 2020

A+

Bonds no.2(subordinated)

June 25, 2021

A+

Bonds no.2(subordinated)

June 24, 2022

A+

Bonds no.2(subordinated)

June 28, 2023

AA-

Bonds no.3(subordinated)

January 17, 2017

A+

Bonds no.3(subordinated)

June 1, 2017

A+

Bonds no.3(subordinated)

June 15, 2018

A+

Bonds no.3(subordinated)

June 21, 2019

A+

Bonds no.3(subordinated)

June 25, 2020

A+

Bonds no.3(subordinated)

June 25, 2021

A+

Bonds no.3(subordinated)

June 24, 2022

A+

Bonds no.3(subordinated)

June 28, 2023

AA-

1/1

The Historical Performance of the Credit Rating
Issuer Name

Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited

Issue Name

Publication Date

RatingOutlook/Direction

Issuer(Long-term)

March 29, 2004

AAA

Issuer(Long-term)

September 7, 2004

AAA

Issuer(Long-term)

March 30, 2006

AAA

Negative

Issuer(Long-term)

August 29, 2006

AAA

Negative

Issuer(Long-term)

April 11, 2007

AAA

Negative

Issuer(Long-term)

April 3, 2008

AAA

StableIssuer(Long-term)

April 10, 2009

AAA

Negative

Issuer(Long-term)

April 1, 2010

AAA

StableIssuer(Long-term)

April 19, 2011

AAA

Negative

Issuer(Long-term)

August 25, 2011

AAA

Negative

Issuer(Long-term)

April 23, 2012

AA+

StableIssuer(Long-term)

May 7, 2013

AA+

StableIssuer(Long-term)

May 30, 2014

AA+

StableIssuer(Long-term)

June 25, 2015

AA+

StableIssuer(Long-term)

June 2, 2016

AA+

StableIssuer(Long-term)

June 1, 2017AA+

StableIssuer(Long-term)

June 15, 2018

AA+

StableIssuer(Long-term)

June 21, 2019

AA+

StableIssuer(Long-term)

June 25, 2020

AA+

StableIssuer(Long-term)

June 25, 2021

AA+

StableIssuer(Long-term)

June 24, 2022

AA+

StableIssuer(Long-term)

June 28, 2023

AA+

StableCP

August 24, 1994

J-1

CP

October 9, 1995

J-1

CP

April 17, 1996

J-1+

CP

December 4, 1996

J-1+

CP

December 25, 1998

J-1+

CP

January 7, 2000

J-1+

CP

December 29, 2000

J-1+

CP

October 1, 2001

J-1+

CP

March 22, 2002

J-1+

1/2

The Historical Performance of the Credit Rating
Issuer Name

Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited
Mitsui Sumitomo Insurance
Company, Limited

Issue Name

Publication Date

RatingCP

February 7, 2003

J-1+

CP

April 1, 2003

J-1+

CP

September 7, 2004

J-1+

CP

March 30, 2006

J-1+

CP

April 11, 2007

J-1+

CP

April 3, 2008

J-1+

CP

August 1, 2008

J-1+

CP

April 10, 2009

J-1+

CP

April 1, 2010

J-1+

CP

April 19, 2011

J-1+

CP

August 25, 2011

J-1+

CP

April 23, 2012

J-1+

CP

May 7, 2013

J-1+

CP

May 30, 2014

J-1+

CP

June 25, 2015

J-1+

CP

June 2, 2016

J-1+

CP

June 1, 2017

J-1+

CP

June 15, 2018

J-1+

CP

June 21, 2019

J-1+

CP

June 25, 2020

J-1+

CP

June 25, 2021

J-1+

CP

June 24, 2022

J-1+

CP

February 20, 2023

J-1+

CP

June 28, 2023

J-1+

2/2

Outlook/Direction

The Historical Performance of the Credit Rating
Issuer Name

Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited

Issue Name

Publication Date

RatingOutlook/Direction

Issuer(Long-term)

October 1, 2010

AA+

StableIssuer(Long-term)

April 19, 2011

AA+

Negative

Issuer(Long-term)

August 25, 2011

AA+

Negative

Issuer(Long-term)

April 23, 2012

AA+

StableIssuer(Long-term)

May 7, 2013

AA+

StableIssuer(Long-term)

May 30, 2014

AA+

StableIssuer(Long-term)

June 25, 2015

AA+

StableIssuer(Long-term)

June 2, 2016

AA+

StableIssuer(Long-term)

June 1, 2017AA+

StableIssuer(Long-term)

June 15, 2018

AA+

StableIssuer(Long-term)

June 21, 2019

AA+

StableIssuer(Long-term)

June 25, 2020

AA+

StableIssuer(Long-term)

June 25, 2021

AA+

StableIssuer(Long-term)

June 24, 2022

AA+

StableIssuer(Long-term)

June 28, 2023

AA+

StableAbility to Pay Insurance Claims

October 1, 2010

AA+

Ability to Pay Insurance Claims

April 19, 2011

AA+

Ability to Pay Insurance Claims

August 25, 2011

AA+

Ability to Pay Insurance Claims

April 23, 2012

AA+

Ability to Pay Insurance Claims

May 7, 2013

AA+

Ability to Pay Insurance Claims

May 30, 2014

AA+

StableAbility to Pay Insurance Claims

June 25, 2015

AA+

StableAbility to Pay Insurance Claims

June 2, 2016

AA+

StableAbility to Pay Insurance Claims

June 1, 2017AA+

StableAbility to Pay Insurance Claims

June 15, 2018

AA+

StableAbility to Pay Insurance Claims

June 21, 2019

AA+

StableAbility to Pay Insurance Claims

June 25, 2020

AA+

StableAbility to Pay Insurance Claims

June 25, 2021

AA+

StableAbility to Pay Insurance Claims

June 24, 2022

AA+

StableAbility to Pay Insurance Claims

June 28, 2023

AA+

StableOctober 1, 2010

J-1+

CP
1/2

The Historical Performance of the Credit Rating
Issuer Name

Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited
Aioi Nissay Dowa Insurance
Company, Limited

Issue Name

Publication Date

RatingCP

April 19, 2011

J-1+

CP

April 19, 2011

J-1+

CP

August 25, 2011

J-1+

CP

April 23, 2012

J-1+

CP

May 7, 2013

J-1+

CP

May 30, 2014

J-1+

CP

June 25, 2015

J-1+

CP

June 2, 2016

J-1+

CP

June 1, 2017

J-1+

CP

June 15, 2018

J-1+

CP

June 21, 2019

J-1+

CP

June 25, 2020

J-1+

CP

June 25, 2021

J-1+

CP

June 24, 2022

J-1+

CP

June 28, 2023

J-1+

2/2

Outlook/Direction

Attachment

Attestation Required by Paragraph (a)(1)(iii) of Rule 17g-7

I, Tomohiro Miyao, have responsibility to this Rating Action and to the best of my knowledge:

A) No part of the credit rating was influenced by any other business activities.
B) The credit rating was based solely upon the merits of the obligor, security, or money market
instrument being rated.
C) The credit rating was an independent evaluation of the credit risk of the obligor, security, or money
market instrument.

Tomohiro Miyao
General Manager of Financial Institution Rating Department

Japan Credit Rating Agency, Ltd.
Jiji Press Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan
Tel. +81 3 3544 7013, Fax. +81 3 3544 7026

rmation herein has been obtained by JCR from the issuers and other sources believed to be accurate and reliable. However, because of the possibility of human or mechanical error as well as
r factors, JCR makes no representation or warranty, express or implied, as to accuracy, results, adequacy, timeliness, co mpleteness or merchantability, or fitness for any particular purpose,respect to any such information, and is not responsible for any errors or omissions, or for results obtained from the us e of such information. Under no circumstances will JCR be liable for
special, indirect, incidental or consequential damages of any kind caused by the use of any such information, including but not limited to, lost opportunity or lost money, whether in contract,strict liability or otherwise, and whether such damages are foreseeable or unforeseeable. JCR’s ratings and credit assessments are statements of JCR’s current and comprehensive opinion
rding redemption possibility, etc. of financial obligations assumed by the issuers or financial products, and not statements of opinion regarding any risk other than credit risk, such as market
dity risk or price fluctuation risk. JCR’s ratings and credit assessments are statements of opinion, and not statements of fact as to credit risk decisions or recommendations regarding decisions
urchase, sell or hold any securities such as individual bonds or commercial paper. The ratings and credit assessments may be changed, suspended or withdrawn as a result of changes in or
vailability of information as well as other factors. JCR retains all rights pertaining to this document, including JCR’s rating data. Any reproduction, adaptation, alteration, etc. of this document,
uding such rating data, is prohibited, whether or not wholly or partly, without prior consent of JCR.

is registered as a "Nationally Recognized Statistical Rating Organization" with the U.S. Securities and Exchange Commission with respect to the following fo ur classes. (1) Financial
tutions, brokers and dealers, (2) Insurance Companies, (3) Corporate Issuers, (4) Issuers of government securities, municipal securities and foreign government securities.