2013 outlook : Japanese Non-Life insurance groups : performance bolstered by life subsidiaries

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      <subfield code="a">Fitch Ratings maintains its stable outlook for the Japanese non-life insurance groups, as it believes that the three major non-life insurance groups (Tokio Marine Group, MS&AD Insurance Group and NKSJ Group) will each maintain an adequate capital buffer, underpinned by the robust capital position of their respective life subsidiaries. This indicates that the vast majority of Japanese non-life insurers. ratings are likely to be affirmed by Fitch over the next 12 to 24 months</subfield>
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