22-D-0226
June 24, 2022

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
StableA+

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 (the “Group”) is Japan’s major non-life insurance group, which has
Mitsui Sumitomo Insurance Company, Limited (“MSI”) and Aioi Nissay Dowa Insurance Company,
Limited (“ADI”) at the core and also Mitsui Sumitomo Aioi Life Insurance Co., Ltd. (“MSA Life”), Mitsui
Sumitomo Primary Life Insurance Co., Ltd. (“MSP Life”) and others under the umbrella of holding
company MS&AD Insurance Group Holdings, Inc. (“MS&AD HD”). It is building a diversified businessportfolio in terms of risks and geographical areas and holds multiple insurance companies overseas,too, including MS Amlin plc (“MS Amlin”). JCR views the Group’s creditworthiness to be equivalent to
the rating of AA+ based on the evaluation of the solid business base in the domestic non-life insurance
business, stable earnings capacity backed by diversified operations with the domestic life insurance
and overseas insurance businesses, financial soundness, etc.
(2) The Group is characteristic in that the two core companies are strong in different areas. While MSI
globally offers insurance and financial services backed by the huge domestic customer base centeredon the Mitsui Group and the Sumitomo Group, ADI has strength in its partnership with the TOYOTAGroup and the Nippon Life Group. Looking at the Group’s adjusted profit on an internal management
basis, although the diversification of the business portfolio is a bit delayed due partly to slow earnings
recovery of the overseas business, there are signs, as a positive factor, that MS Amlin’s profit level ispicking up, which has been an issue to be addressed. Attaining the near-term target of 400 billion yen
is thus coming into sight. As regards the Russia-Ukraine situation, its impact on the Group’s
performance is limited, albeit some incurred losses being factored in forecast. While the impact ofnatural disasters in Japan cannot be avoided even in the future, JCR believes that the Group canpost stable profits, given the basically steady earnings of the domestic non-life insurance business,
progress in the construction of a well-diversified business portfolio and so forth.
(3) In the domestic non-life insurance business, net premiums written of the two core companies
improved in the fiscal year ended March 2022 (FY2021) thanks to an increase in premiums in
automobile insurance and growth in sales of new types of insurance. The combined ratio of
automobile insurance, which accounts for roughly half of the total, rose a bit in the absence of the
impact of the COVID crisis but still stays at a good level as a decrease in accidents with the spreadof ASVs pushed it down gradually. As regards the profitability of fire insurance, on the other hand,profit and loss are expected to break even in about two years on an underwriting profit basis thanks
to continuous efforts to raise rates, revise products, adopt a stricter underwriting policy and so forth.
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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

Continued attention should be paid to whether rates and products will be revised appropriately inconsideration of the risk-return balance. JCR will also watch how much effect cost reductions throughR&D investments, business style reforms, etc. will have on expense ratio. In the domestic life
insurance business, while MSA Life is pressing ahead with the cross-selling of life insurance and nonlife insurance mainly through non-life insurance agents and selling protection-type products withrelatively high profitability, MSP Life as a company specializing in bancassurance with the industry’s
top-class business base offers products that would help build assets. JCR will closely watch whether
policies in-force will build up through cross-selling between these two companies and developmentof new products, despite stagnant growth in contract-related performance.
(4) The Group’s adjusted profit in the overseas business grew significantly from the previous year in
FY2021 thanks to revenue growth with rate increases, the elimination of the impact of the COVID
crisis, etc., but turning around MS Amlin’s earnings capacity remains a challenge. MS Amlin is
gradually seeing positive outcomes, including a decrease in the underwriting of natural disaster risks,
reshuffling of the portfolio with withdrawal from unprofitable lines and rate increases, thus showing
signs of profit recovery with the improvement of loss ratio in non-catastrophe lines. This probably isalso attributable to the Group’s reorganization aimed at more efficient business management, making
MSI’s overseas and other divisions take charge of each region with increased control over local
companies’ management. Even so, MS Amlin reported net loss in FY2021 because of the tremendous
impact of overseas natural disasters, as well as other factors including a raise in reserve levels. JCR
is looking at the profitability of the core insurance business, excluding temporary factors, and monitor
the outcomes of earnings improvement measures and actual profits.
(5) JCR finds that the Group’s consolidated ESR is at a level where it can remain fully sound even inconsiderably stressful situations. Measures taken to reduce natural disaster risks and price fluctuation
risk from cross-shareholdings, strategically utilize the reinsurance scheme and so forth are helping
to curb fluctuations in equity capital and earnings. The Group aims to improve profitability and capitalefficiency while ensuring soundness based on the ERM cycle so as to improve the corporate value.
The utilization of economic value-based assessment in the business plan, product strategy and asset
management, holding and ceding policies indicates that the extent to which ERM has taken root isincreasing steadily. That said, given that the Group’s earnings and finances have been affected bynatural disasters in and outside Japan and the overseas business, the further improvement of the
ERM system and effective operation of the ERM cycle will become more vital.
Issuer: MS&AD Insurance Group Holdings, Inc.
MS&AD HD is the insurance holding company of the Group. The issuer rating is one notch below theGroup’s creditworthiness and reflects the structural subordination of the holding company, on the grounds,
among others, that MS&AD HD has good cash flow underpinned by the earnings capacity of thesubsidiaries but double leverage ratio has been at a somewhat high level. JCR will keep an eye on factors
like the Group’s capital policy and balance between the liabilities and capital financing of the holding
company alone.
Issuer: Mitsui Sumitomo Insurance Company, Limited
MSI is a core company of the Group. It globally offers insurance and financial services backed by thehuge domestic customer base centered on the Mitsui Group and the Sumitomo Group. Its issuer rating
is at the same level as the Group’s creditworthiness in light of such factors as MSI’s position in the Group.
MSI boasts a solid presence in the domestic non-life insurance business, and its business base is thickand solid for all transactions with large corporations, SMEs and individuals. While automobile insurance
is showing steady growth, a high growth rate is maintained for the new types of insurance like packaged
insurance targeting SMEs. MSI is also constantly engaging in the projects aimed at improving expense
ratio in cooperation with ADI, including the standardization of products and operations and thedevelopment of a joint claims services system, and JCR will in the meantime closely watch whether MSI
can realize the effects of large-scale R&D investments to cut business expenses as planned.
Issuer: Aioi Nissay Dowa Insurance Company, Limited
ADI a core company of the Group. It has strength in its partnership with the TOYOTA Group and the
Nippon Life Group. Its issuer rating is at the same level as the Group’s creditworthiness in light of suchfactors as ADI’s position in the Group. ADI boasts a solid presence in the domestic non-life insurance
business, and its business base is thick and solid for all transactions with large corporations, SMEs andindividuals. It is aggressively offering automobile insurance products and services to meet changing
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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

needs by, for instance, developing insurance products based on the telematics technology ahead ofothers, thereby gaining advantages. Moreover, in the overseas business, it is promoting the global
development of mobility services by leveraging the TOYOTA Group’s customer base and is generating
good results in differentiating itself from others in terms of products and services for telematics automobile
insurance where its strength lies.
Tomohiro Miyao, Seito Achiha

RatingIssuer: 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)A+
3rd Series Deferrable Interest and Callable Unsecured Subordinated Bonds
JPY 50Jan. 31, 2017
Jan. 31, 2047
(Note 2)A+
Notes:
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 300 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: June 21, 2022
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" (November 7, 2014), "Non-Life Insurance" (July 1,2013), "Rating Methodology for Financial Groups' Holding Companies and Group Companies" (March 29, 2019), "Ratings ofHybrid 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/).

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, LTD.
AIOI NISSAY DOWA INSURANCE COMPANY, LIMITED

Rating Publication
Date:

1

June 24, 2022

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 agiven 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 ismade by 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
likelihood of 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 is determined 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 andreliability but possibly contains errors due to human, non-human or other causes. Consequently, thecredit 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 of accuracy, 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 ratingherewith presented.

2/5

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 thecredit rating herewith presented as compared to the information used in other cases of the credit
rating for comparable 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
business bases, 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 andwhen the change 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, withpossibility of 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 forthe issuer, and the change 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 themarkets 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 andwhen the change 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

4/5A) Business Bases
The credit rating herewith presented could be changed if and when the assumptions made at the timeof its determination turn out to be inaccurate with regard to the issuer’s business bases and powers ofearning 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 timeof its 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 timeof its 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 muchas 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 fundprocurement 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 timeof its 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
or other related parties’ status and stance of support/ assistance for the issuer. The resultant change ofthe credit 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 timeof its determination turn out to be inaccurate with regard to the prospects of general economy andmarkets. 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 Asset14 Information
backed 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

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.

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

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.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+

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+

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+

CP

February 7, 2003

J-1+

CP

April 1, 2003

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

Issue Name

Publication Date

RatingCP

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+

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+

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+

StableCP

October 1, 2010

J-1+

CP

April 19, 2011

J-1+

CP

April 19, 2011

J-1+

CP

August 25, 2011

J-1+

CP

April 23, 2012

J-1+

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

Issue Name

Publication Date

RatingCP

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+

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

mation 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 asfactors, 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,
espect 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
ecial, 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,
rict 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
ing 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
ty 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
chase, 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
ilability 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,
ing such rating data, is prohibited, whether or not wholly or partly, without prior consent of JCR.

s 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
tions, brokers and dealers, (2) Insurance Companies, (3) Corporate Issuers, (4) Issuers of government securities, municipal securities and foreign government securities.