A.M. Best. Country Totals

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1 A.M. Best February List of Asia-Pacific Credit Ratings This report includes credit ratings for all companies domiciled in Asia-Pacific, as well as their Outlooks and Implications. Credit ratings consist of the Financial Strength Rating (FSR) and Issuer Credit Rating (ICR) for each company. Detailed reports, including rationales, are made available to subscribers on our website shortly after ratings are released. These company reports have been considerably enhanced, reflecting expanded financial analysis and commentary. For Country Totals Australia...8 China...7 Guam...5 Hong Kong India...4 Indonesia...2 Japan Macau...4 Malaysia...6 explanations of rating terminology, refer to the Guides to Best's Ratings following this report New Zealand Northern Mariana Islands...1 Philippines...2 Singapore...11 South Korea...7 Taiwan...2 Thailand...1 Vietnam...3 Credit ratings are effective as of 31 January, For current ratings please visit Outlook/ Outlook/ AMB# Name Ultimate Parent ICR Implication FSR Implication Australia Ansvar Insurance Limited Allchurches Trust Limited a- Stable A- Stable Chartis Australia Insurance Limited American International Group, Inc a Stable A Stable Chubb Insurance Company of Australia Limited The Chubb Corporation aa+ Stable A++ Stable First American Title Insurance Company of Australia Pty Limited First American Financial Corporation a- Stable A- Stable General Reinsurance Australia Ltd Berkshire Hathaway Inc aa+ Stable A++ Stable General Reinsurance Life Australia Ltd. Berkshire Hathaway Inc aa+ Stable A++ Stable Guild Insurance Limited The Pharmacy Guild of Australia a- Stable A- Stable QBE Insurance (International) Ltd QBE Insurance Group Limited a+ Negative A Stable China Aioi Nissay Dowa Insurance (China) Company Limited MS&AD Insurance Group Holdings, Inc. a- Stable A- Stable China Life Reinsurance Company Ltd. China Investment Corporation a Stable A Stable China Property & Casualty Reinsurance Company Ltd. China Investment Corporation a Stable A Stable China Reinsurance (Group) Corporation China Investment Corporation a Stable A Stable Hyundai Insurance (China) Co., Ltd. Hyundai Marine & Fire Insurance Co, Ltd a- Stable A- Stable Lloyd's Insurance Company (China) Limited Lloyd's a+ Stable A Stable NIPPONKOA Insurance Company (China) Limited NKSJ Holdings, Inc. a- Stable A- Stable Guam Century Insurance Company (Guam) Limited Tan Holdings Corporation bbb Positive B++ Stable Dongbu Insurance Co., Ltd. (U.S. Guam Branch) a Positive A Stable First Net Insurance Company bbb+ Stable B++ Stable Pacific Indemnity Insurance Company a- Stable A- Stable Tokio Marine Pacific Insurance Limited Tokio Marine Holdings, Inc. aa- Stable A+ Stable Hong Kong Blue Cross (Asia-Pacific) Insurance Limited Bank of East Asia Limited a- Stable A- Stable BOC Group Life Assurance Company Limited a Stable A Stable Chartis Insurance Hong Kong Limited American International Group, Inc a Stable A Stable China Taiping Insurance (HK) Company Limited China Taiping Insurance Group Co. a Stable A Stable Hong Leong Insurance (Asia) Limited Hong Leong Financial Group Berhad a- Stable A- Stable NIPPONKOA Insurance Company (Asia) Limited NKSJ Holdings, Inc. a Stable A Stable Peak Reinsurance Company Limited Fosun International Holdings Ltd. a- Stable A- Stable Starr International Insurance (Asia) Limited Starr International Company, Inc. a Stable A Stable Sun Hung Kai Properties Insurance Limited Sun Hung Kai Properties Limited a- Stable A- Stable Taiping Reinsurance Company Limited China Taiping Insurance Group Co. a- Stable A- Stable Tugu Insurance Company Limited PT PERTAMINA (PERSERO) bbb Positive B++ Stable Wing Lung Insurance Company Limited China Merchants Bank Co., Ltd. bbb+ Positive B++ Positive NUS b Copyright 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED. No part of this report or document July be distributed in any electronic form or by any means, or stored in a database or retrieval system, without the prior written permission of the A.M. Best Company. For additional details, refer to our Terms of Use available at the A.M. Best Company website:

2 Outlook/ ICR Outlook/ FSR AMB# Name Ultimate Parent Parent ICR Implication ICR Out/Imp FSR Rating Implication Out/Imp India General Insurance Corporation of India a- Stable A- Stable The New India Assurance Company Limited New India Assurance Company Limited a- Stable A- Stable The Oriental Insurance Company Limited bbb+ Stable B++ Stable United India Insurance Company Limited bbb+ Positive B++ Positive Indonesia PT Asuransi Jasa Indonesia (Persero) bbb Positive B++ Stable PT. Asuransi Samsung Tugu Samsung Fire & Marine Insurance Co, Ltd a- Stable A- Stable Japan Aioi Nissay Dowa Insurance Company Limited MS&AD Insurance Group Holdings, Inc. a+ Stable A Stable American Family Life Assurance Company of Columbus (Japan Branch) aa- Stable A+ Stable The Fuji Fire & Marine Insurance Company, Limited American International Group, Inc a Stable A Stable Meiji Yasuda Life Insurance Company Meiji Yasuda Life Insurance Company a+ Stable A Stable Mitsui Sumitomo Insurance Company, Limited MS&AD Insurance Group Holdings, Inc. aa Stable A+ Stable Nippon Life Insurance Company Nippon Life Insurance Company aa- Stable A+ Stable NIPPONKOA Insurance Company Ltd NKSJ Holdings, Inc. aa- Stable A+ Stable Sompo Japan Insurance Inc. NKSJ Holdings, Inc. aa- Stable A+ Stable The Toa Reinsurance Company, Limited The Toa Reinsurance Company, Limited aa- Stable A+ Stable Tokio Marine & Nichido Fire Insurance Co., Ltd. Tokio Marine Holdings, Inc. aa+ Stable A++ Stable Macau China Taiping Insurance (Macau) Company Limited China Taiping Insurance Group Co. a- Positive A- Positive Luen Fung Hang Insurance Company Limited a- Stable A- Stable Macau Insurance Company Limited Dah Sing Financial Holdings Limited a- Stable A- Stable Macau Life Insurance Company Limited Dah Sing Financial Holdings Limited a- Stable A- Stable Malaysia ACR ReTakaful Berhad ACR ReTakaful Holdings Limited a- Stable A- Stable Asia Capital Reinsurance Malaysia Sdn Bhd Khazanah Nasional Berhad a- Stable A- Stable Energas Insurance (L) Limited Petroliam Nasional Berhad a Stable A Stable Labuan Reinsurance (L) Ltd a- Stable A- Stable Lonpac Insurance Bhd LPI Capital Berhad a- Stable A- Stable Malaysian Reinsurance Berhad MNRB Holdings Berhad a- Stable A- Stable New Zealand ACS (NZ) Limited Canterbury Earthquake Church & Heritage bb+ u Developing B u Developing Aioi Nissay Dowa Insurance Company, Limited (New Zealand Branch) a+ Stable A Stable AMI Insurance Limited a- Stable A- Stable Beneficial Insurance Limited Broadlands Finance Limited bbb- Stable B+ Stable BNZ Life Insurance Limited a Stable A Stable CBL Insurance Limited bbb- Positive B+ Positive China Taiping Insurance (NZ) Limited China Taiping Insurance Group Co. bbb- Stable B+ Stable CIGNA Life Insurance New Zealand Limited Cigna Corporation a- Stable A- Stable Co-operative Life Limited Co-operative Bank Limited bbb+ Stable B++ Stable Consumer Insurance Services Limited Fisher & Paykel Appliances Hldgs Ltd bbb Stable B++ Stable The Education Benevolent Society Incorporated bbb Stable B++ Stable Farmers' Mutual Group Farmers' Mutual Group a Stable A Stable Fidelity Life Assurance Company Limited a- Stable A- Stable FMG Insurance Limited Farmers' Mutual Group a Stable A Stable Kiwi Insurance Limited a- Stable A- Stable The New India Assurance Company Limited (New Zealand Branch) a- Stable A- Stable New Zealand Local Government Insurance Corporation Limited New Zealand Local Govt Ins Corp Ltd bbb+ u Negative B++u Negative Pacific International Insurance Limited bbb Stable B++ Stable Partners Life Limited bbb Stable B++ Stable The Pinnacle Life Insurance Partnership bb+ Stable B Stable Police Health Plan Limited New Zealand Police Association bbb Stable B++ Stable Sovereign Assurance Company Limited Commonwealth Bank of Australia aa- Stable A+ Stable TOWER Health & Life Limited TOWER Limited a- Stable A- Stable TOWER Insurance Limited TOWER Limited a- Stable A- Stable TOWER Life (N.Z.) Limited TOWER Limited a- Stable A- Stable TOWER Medical Insurance Limited TOWER Limited a- Stable A- Stable Union Medical Benefits Society Limited a- Stable A- Stable Virginia Surety Company, Inc. (New Zealand Branch) a- Positive A- Positive 2 February 2013

3 Outlook/ Outlook/ AMB# Name Ultimate Parent ICR Implication FSR Implication Northern Mariana Islands Century Insurance Company, Ltd. Tan Holdings Corporation bbb- Stable B+ Stable Philippines Malayan Insurance Co., Inc. Pan Malayan Mgmt & Investment Corp bbb Stable B++ Stable National Reinsurance Corporation of the Philippines bbb Stable B++ Stable Singapore Asia Capital Reinsurance Group Pte. Ltd. ACR Capital Holdings Pte. Ltd. a- Stable A- Stable Chartis Singapore Insurance Pte. Ltd. American International Group, Inc a Stable A Stable China Taiping Insurance (Singapore) Pte. Ltd. China Taiping Insurance Group Co. a- Stable A- Stable First Capital Insurance Limited Fairfax Financial Holdings Limited a Stable A Stable PARIS RE Asia Pacific Pte. Ltd. PartnerRe Ltd a- Negative A- Negative Samsung Reinsurance Pte. Ltd. Samsung Fire & Marine Insurance Co, Ltd a Stable A Stable SCOR Reinsurance Asia-Pacific Pte Ltd SCOR SE a+ Stable A Stable SHC Insurance Pte. Ltd. See Hoy Chan Sdn. Berhad a- Stable A- Stable Singapore Reinsurance Corporation Limited a- Stable A- Stable Starr International Insurance (Singapore) Pte. Ltd. Starr International Company, Inc. a Stable A Stable United Overseas Insurance Limited United Overseas Bank Limited a+ Positive A Positive South Korea Dongbu Insurance Co., Ltd. Dongbu Insurance Co., Ltd. a Positive A Stable Hanwha General Insurance Company Limited bbb u Negative B++u Negative Hyundai Marine & Fire Insurance Co., Ltd. Hyundai Marine & Fire Insurance Co, Ltd a Stable A Stable Korean Reinsurance Company a Stable A Stable LIG Insurance Company Limited a- Stable A- Stable MERITZ Fire & Marine Insurance Co., Ltd. Meritz Financial Group Inc. a- Stable A- Stable Samsung Fire & Marine Insurance Co., Ltd. Samsung Fire & Marine Insurance Co, Ltd aa+ Stable A++ Stable Taiwan Central Reinsurance Corporation a Stable A Stable South China Insurance Co., Ltd. Hua Nan Financial Holdings Co. Ltd. a- Stable A- Stable Thailand Asian Reinsurance Corporation bb u Developing B u Developing Vietnam PVI Insurance Corporation Vietnam National Oil & Gas Group bbb- Stable B+ Stable PVI Reinsurance Company Vietnam National Oil & Gas Group bbb- Stable B+ Stable Samsung Vina Insurance Limited Samsung Fire & Marine Insurance Co, Ltd bbb+ Stable B++ Stable February

4 GUIDE TO BEST S FINANCIAL STRENGTH RATINGS A Best s Financial Strength Rating is an independent opinion of an insurer s financial strength and ability to meet its ongoing insurance policy and contract The rating is based on a comprehensive quantitative and qualitative evaluation of a company s balance sheet strength, operating performance and business profile. Financial Strength Ratings Rating Descriptor Definition Assigned to companies that have, in our opinion, a superior ability to meet their ongoing insurance A++, A+ Superior Assigned to companies that have, in our opinion, an excellent ability to meet their ongoing insurance A, A- Excellent Assigned to companies that have, in our opinion, a good ability to meet their ongoing insurance B++, B+ Good Secure B, B- Fair Assigned to companies that have, in our opinion, a fair ability to meet their ongoing insurance Financial strength is vulnerable to adverse changes in underwriting and economic conditions. C++, C+ Marginal Assigned to companies that have, in our opinion, a marginal ability to meet their ongoing insurance Financial strength is vulnerable to adverse changes in underwriting and economic conditions. Vulnerable C, C- Weak D E Positive Negative Stable Poor Under Regulatory Supervision Assigned to companies that have, in our opinion, a weak ability to meet their ongoing insurance Financial strength is very vulnerable to adverse changes in underwriting and economic conditions. Assigned to companies that have, in our opinion, a poor ability to meet their ongoing insurance Financial strength is extremely vulnerable to adverse changes in underwriting and economic conditions. Assigned to companies (and possibly their subsidiaries/affiliates) placed under a significant form of regulatory supervision, control or restraint - including cease and desist orders, conservatorship or rehabilitation, but not liquidation - that prevents conduct of normal, ongoing insurance operations. F In Liquidation Assigned to companies placed in liquidation by a court of law or by a forced liquidation. S Suspended Assigned to rated companies when sudden and significant events affect their balance sheet strength or operating performance and rating implications cannot be evaluated due to a lack of timely or adequate information. Rating Modifiers Modifier Descriptor Definition u Under Review Indicates the rating may change in the near term, typically within six months. Generally is event driven, with positive, negative or developing implications. pd Public Data Indicates rating assigned to insurer that chose not to participate in A.M. Best s interactive rating process. (Discontinued in 2010) s Syndicate Indicates rating assigned to a Lloyd s syndicate. Outlooks Indicates potential direction of a Financial Strength Rating over an intermediate term, generally defined as 12 to 36 months. Indicates possible rating upgrade due to favorable financial/market trends relative to the current rating level. Indicates possible rating downgrade due to unfavorable financial/market trends relative to the current rating level. Indicates low likelihood of a rating change due to stable financial/market trends. Not Rated Designation NR: Assigned to companies that are not rated by A.M. Best. Rating Disclosure A Best s Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance The ratings are not assigned to specific insurance policies or contracts and do not address any other risk, including, but not limited to, an insurer s claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. A Best s Financial Strength Rating is not a recommendation to purchase, hold or terminate any insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. In arriving at a rating decision, A.M. Best relies on third-party audited financial data and/or other information provided to it. While this information is believed to be reliable, A.M. Best does not independently verify the accuracy or reliability of the information. For additional details, see A.M. Best s Terms of Use at Best s Financial Strength Ratings are distributed via press release and/or the A.M. Best Web site at and are published in the Credit Rating Actions section of BestWeek. Best s Financial Strength Ratings are proprietary and may not be reproduced without permission. Copyright 2013 by A.M. Best Company, Inc. Version A M BEST

5 GUIDE TO BEST S ISSUER CREDIT RATINGS A Best s Issuer Credit Rating assigned to an insurance company is an independent opinion of an insurer s financial strength and ability to meet its ongoing senior financial It is based on a comprehensive quantitative and qualitative evaluation of a company s balance sheet strength, operating performance and business profile. Rating Descriptor Definition Investment Grade Non-Investment Grade aaa aa a bbb bb b ccc, cc c rs Exceptional Superior Excellent Good Fair Marginal Weak Poor Regulatory Supervision/ Liquidation Assigned to insurance companies that have, in our opinion, an exceptional ability to meet their ongoing senior financial Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing senior financial Assigned to insurance companies that have, in our opinion, an excellent ability to meet their ongoing senior financial Assigned to insurance companies that have, in our opinion, a good ability to meet their ongoing senior financial Assigned to insurance companies that have, in our opinion, a fair ability to meet their ongoing senior financial Financial strength is vulnerable to adverse changes in underwriting and economic conditions. Assigned to insurance companies that have, in our opinion, a marginal ability to meet their ongoing senior financial Financial strength is vulnerable to adverse changes in underwriting and economic conditions. Assigned to insurance companies that have, in our opinion, a weak ability to meet their ongoing senior financial Financial strength is very vulnerable to adverse changes in underwriting and economic conditions. Assigned to insurance companies that have, in our opinion, a poor ability to meet their ongoing senior financial Financial strength is extremely vulnerable to adverse changes in underwriting and economic conditions. Assigned to insurers placed under a significant form of regulatory supervision, control or restraint - including cease and desist orders, conservatorship or rehabilitation that prevents conduct of normal, ongoing insurance operations, or in liquidation by a court of law or by a forced liquidation. Ratings from aa to ccc may be enhanced with a + (plus) or - (minus) to indicate whether credit quality is near the top or bottom of a category. Rating Modifiers Modifier Descriptor Definition u pd Under Review Public Data Rating Outlooks Indicates the potential direction of a Credit Rating over an intermediate term, generally defined as 12 to 36 months. Positive Indicates possible rating upgrade due to favorable financial/market trends relative to the current rating level. Negative Indicates possible rating downgrade due to unfavorable financial/market trends relative to the current rating level. Stable Indicates low likelihood of a rating change due to stable financial/market trends. Not Rated Designation The Not Rated (NR) designation may be assigned to issuers that are not rated. Rating Disclosure Indicates the rating may change in the near term, typically within six months. Generally is event driven, with positive, negative or developing implications. Indicates rating assigned to a company that chose not to participate in A.M. Best s interactive rating process. (Discontinued in 2010) When assigned to an insurance company the Issuer Credit Rating opinion addresses the relative ability of an insurer to meet its ongoing senior financial The rating is not assigned to specific insurance policies or contracts, or any other financial obligations, and does not address any other risk, including, but not limited to, liquidity risk, market value risk, an insurer s claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. The Insurer Issuer Credit Rating is not a recommendation to purchase, hold or terminate any insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract, or any other financial obligation for a specific purpose or purchaser. Best s Issuer Credit Ratings are distributed via press release and/or the A.M. Best Web site at and are published in the Credit Rating Actions section of BestWeek. Best s Credit Ratings are proprietary and may not be reproduced without permission. Copyright 2013 by A.M. Best Company, Inc. Version A M BEST

6 Founded in 1899, A.M. Best Company is the world s oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best Company World Headquarters Ambest Road, Oldwick, NJ Phone: +1 (908) WASHINGTON OFFICE 830 National Press Building th Street N.W., Washington, DC Phone: +1 (202) MIAMI OFFICE Suite 949, 1221 Brickell Center Miami, FL Phone: +1 (305) A.M. Best Europe Rating Services Ltd. A.M. Best Europe Information Services Ltd. 12 Arthur Street, 6th Floor, London, UK EC4R 9AB Phone: +44 (0) A.M. Best asia-pacific LTD. Unit 4004 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong Phone: A.M. BEST MENA, SOUTH & CENTRAL ASIA Office 102, Tower 2 Currency House, DIFC PO Box , Dubai, UAE Phone: