S&P Global Ratings on 23 February 2026 revised its outlook on Tokio Marine Insurance Singapore Ltd (TMIS) to positive from stable while affirming the insurer’s ‘A’ long-term insurer financial strength and issuer credit ratings.
The move follows S&P’s 20 February decision to revise the outlooks on Tokio Marine Group’s core operating subsidiaries and some highly strategic entities to positive from stable, while affirming the group’s ‘A+’ ratings.
TMIS continues to be viewed as a highly strategic unit in the group’s Asia expansion, underpinning expectations of strong parental support. Under the rater’s framework, highly strategic subsidiaries are generally positioned one notch below core operating subsidiaries, which are rated A+/Positive/A-1.
S&P also highlighted TMIS’ role within the group’s Asia-Pacific platform, including providing property and casualty cover to local customers, servicing multinational corporate clients, and facilitating risk and capital management across group companies.
Through 2026, the ratings agency expects TMIS to sustain its market presence and earnings, with growth accompanied by ongoing underwriting discipline. Intergroup reinsurance arrangements and a disciplined investment strategy were cited as key supports for the insurer’s solid capitalisation.
According to S&P, the positive outlook on TMIS mirrors that of Tokio Marine Group and reflects its expectation that the Singapore insurer will remain highly strategically important to the group over the next two years.
