Rating Information

Tokio Marine Holdings

Rating Agencies	Object	Rating
JCR	Long-term Issuer Rating	AAA Stable

Tokio Marine & Nichido

Rating Agencies	Object	Rating
S&P	Financial Strength Rating	A+*1 Stable
Moody's	Insurance Financial Strength Rating	Aa3 Stable
A.M. Best	Financial Strength Ratings	A++ Stable
R&I	Issuer Rating	AA+ Stable
JCR	Long-term Issuer Rating	AAA Stable

• *1
  • All rated subsidiaries specified in the below benefit from parental guarantees which are issued by Tokio Marine & Nichido (the issuer of any such parental guarantee, the "Guarantor") and are given the same ratings as Tokio Marine & Nichido’s.
    Tokio Marine Kiln Insurance Ltd, Tokio Marine Compania de Seguros and Tokio Marine Insurance Singapore Ltd.
  • The Guarantor irrevocably guarantees to any holder (each a "Beneficiary") of an insurance policy and reinsurance contract issued by these subsidiaries the performance of all the obligations in accordance with the terms and conditions of the insurance policies and reinsurance contracts issued by them.
  • The Guarantor declares this guarantee to be unconditional and irrevocable and that the Guarantor's obligations under this Guarantee shall not be affected by the genuineness, validity, regularity or enforceability of their obligations under such insurance policy and reinsurance contract.
  • The Guarantor's obligations under this Guarantee rank pari passu with the claims of all of the Guarantor's other unsecured and unsubordinated creditors.

Nisshin Fire & Marine

Rating Agencies	Object	Rating
R&I	Issuer Rating	AA Stable

Tokio Marine & Nichido Life

Rating Agencies	Object	Rating
S&P	Financial Strength Rating	A+ Stable
R&I	Insurance Claims Paying Ability	AA+ Stable

For definitions of the above credit ratings, please refer to the web-site of each credit rating agency.

• S&P
• Moody's
• R&I
• JCR
• A.M.Best