Fitch Ratings on April 8 affirmed 'snational financial strength rating at AA+(col) with stable outlook.  

The ratings action reflects a partialbenefit from the support received from AXA, as well as the insurer's good operationalperformance, Fitch said.

"Although profitability indicators are temporarilyaffected by the strengthening of reserves, the company sustains itsprofitability at appropriate claim levels," Fitch noted. It also pointedto the company's gradually improving efficiency and productivity indicators, aswell as its adequate liquidity and reserve coverage.

Although the insurer has a solid competitive position in theoccupational hazard insurance segment, Fitch believes that greater businessdiversification is essential for the consolidation of the insurer's competitiveposition in long run.