Asia-Pacific Life Insurance Sector Outlook: Mostly Stable But Possible Risks From Volatile And Shallow Investment Market Jun 11

Standard & Poors, June 2011

Abstract
(Listen to the related podcast titled, "Asia-Pacific's Life Insurance Sector: Why The Outlook Is Mostly Stable, Despite Investment Risk," dated July 15, 2011.) Standard & Poor's Ratings Services maintains a stable outlook on most of the life insurance markets in Asia Pacific. Although the region consists of diverse life insurance markets at different stages of development, we see common positive factors supporting the credit profiles of the region's life insurers. These factors are strong long-term growth potential amid continued economic growth and enhanced regulations for solvency requirements, risk management, and corporate governance. On the other hand, the positive factors are offset by risks including volatile investment conditions and challenges in asset and liabilities management stemming from the shallowness of the...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- The National Mutual Life Association of Australasia Ltd.
- Yasuda Mutual Life Insurance Co.
- Meiji Life Insurance Co.
- AMP Life Ltd.
- Nippon Life Insurance Co.
- MLC Ltd.
- The Colonial Mutual Life Assurance Society Ltd.
- American International Assurance Co. (Bermuda) Ltd. (New Zealand Branch)
- Asahi Mutual Life Insurance Co.
- The Dai-ichi Life Insurance Co. Ltd.
- Mitsui Life Insurance Co. Ltd.
- Sumitomo Life Insurance Co.
- Daido Life Insurance Co.
- Mercantile Mutual Insurance (Australia) Ltd.
- Suncorp Life and Superannuation Ltd.
- Westpac Life-NZ-Ltd.
- Zurich Australian Insurance Ltd.
- Wesfarmers General Insurance Ltd.
- Aviva Ltd.
- Taiyo Life Insurance Co.
- AXA Group Life Insurance Co.
- AIA Australia Ltd.
- Macquarie Life Ltd.
- WM Life Australia Ltd.
- OnePath Life Ltd.
- MetLife Insurance Ltd.
- American Family Life Assurance Co. - Japan Branch
- Sony Life Insurance Co. Ltd.
- ING Life Insurance Co. Ltd.
- American International Assurance Co. Ltd.
- ALICO Japan
- American International Assurance Co. (Bermuda) Ltd. - Korea Branch
- AIG Edison Life Insurance Co.
- Prudential Life Insurance Co. Ltd.
- Tokio Marine & Nichido Life Insurance Co. Ltd.
- Fukoku Mutual Life Insurance Co.
- AMP Life Ltd. (New Zealand Branch)
- The Colonial Mutual Life Assurance Society Ltd. (NZ Branch)
- The National Mutual Life Assoc. of Australasia Ltd. (NZ)
- AMP Group Holdings Ltd.
- MLC Lifetime Co. Ltd.
- Prudential Assurance Co. Singapore (Pte.) Ltd.
- The Great Eastern Life Assurance Co. Ltd.
- Tokio Marine Life Insurance Singapore Ltd.
- HSBC Insurance (Singapore) Pte. Ltd.
- MassMutual Life Insurance Co.
- Manulife Life Insurance Company
- BUPA Australia Health Pty Ltd.
- The Hospitals Contribution Fund of Australia Ltd.
- Australian Unity Health Ltd.
- Medibank Private Ltd.
- HSBC Medical Insurance Ltd.
- MBF Health Pty Ltd.
- NKSJ Himawari Life Insurance Inc.
- ORIX Life Insurance Corp.
- AXA Life Insurance Co. Ltd.
- Teachers Federation Health Ltd.
- The Gibraltar Life Insurance Co. Ltd.
- Taiwan Life Insurance Co. Ltd.
- Shin Kong Life Insurance Co. Ltd.
- China Life Insurance Co. Ltd.
- Cathay Life Insurance Co. Ltd.
- Kuo Hua Life Insurance Co. Ltd.
- Hartford Life Insurance K.K. of Japan
- Fubon Life Assurance Co. Ltd.
- AXA Financial Life Insurance Co. Ltd.
- Cathay Financial Holding Co. Ltd.
- Hang Seng Life Ltd.
- Dah Sing Life Assurance Co. Ltd.
- Thai Life Insurance Co. Ltd.
- China Taiping Insurance Holdings Co. Ltd.
- Meiji Yasuda Life Insurance Co.
- Simply Insurance New Zealand Ltd.
- China Life Insurance Co. Ltd.
- Shin Kong Financial Holding Co. Ltd.
- National Wealth Management Holdings Ltd.
- Prudential Life Insurance Co. of Taiwan Inc.
- AEGON Life Insurance (Taiwan) Inc.
- Allianz Taiwan Life Insurance Co. Ltd.
- Chinatrust Life Insurance Co. Ltd.
- Mitsui Sumitomo Primary Life Insurance Co. Ltd.
- Fubon Life Insurance Co. Ltd.
- Muang Thai Life Assurance Co. Ltd.
- Medical Insurance Australia Pty Ltd.
- China Taiping Insurance (Singapore) Pte. Ltd.
- Equitable Life Insurance Co. Ltd.
- First-Aviva Life Insurance Co. Ltd.
- The Prudential Gibraltar Financial Life Insurance Co. Ltd.
- TOWER Holdings (Australia) Pty Ltd.
- PrefSure Life Ltd.

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