Earnings diversification has increased as overseas and group businesses account for a larger share of profits, supported by expansion in the US market.
The parent's proposed CNY15bn (US$2.2bn) state injection, part of a broader CNY70bn package, underpins the change, though S&P affirmed the reinsurer's 'A-' ratings.
Local life insurers are leaning on overseas acquisitions to offset a shrinking domestic population, even as the agency says capital buffers should stay resilient.
Underwriting performance at Hanoi Re recovered in FY 2025, driven by favourable loss reserve development, lower management expenses and higher premium rates.
S&P said it expects Tokio Marine to continue expanding internationally through acquisitions and organic growth, while also increasing the share of investment assets held outside Japan.
