Purpose: This study examines financial performance of the Japanese non-life insurance industry comparing USA and Korean non-life insurance industry by using the A.M. Best’s rating technique. We also aim to contribute to an improved understanding of the relationship between growth, efficiency, profitability, safety, and liquidity in Japanese non-life insurance industry. Research design, data, and methodology: We conduct factor analysis to measure the validity of key variable factors of property-liability insurers in Japan, USA, and Korean for the 2010 to 2019 time period. After factor analysis, we also calculate total score of each non-life insurance industry and compare total scores without weighting value by using principal component analysis. Also, we analyze the relationship among these variables and the interdependence between profitability and safety by using a multiple linear regression analysis. Implications: Three findings are highlighted as follow: First, the correlation coefficient in the Japan general insurance industry represents the linear relationship between variables. It can be seen that profitability has a positive relationship with growth of the premium, asset size of the Japanese non-life insurance industry, and liquidity and it has a negative relationship with safety and efficiency. The highest correlation among the variables occurs between profitability and safety because less profitable insurers are more willings to take risks. Second, there is strong relationship between profitability and safety, which is signifiant at 0.01 level in the Japan general insurance industry. We conclude that insurers with a higher solvency ratio should show a better profitability than other peers. Finally, Japan non-life insurance has good level of efficiency, safety, and liquidity, the growth and profit performance shows the margin(below) of average level, it should improve profitability and growth areas in order to take comparative advantages in a competitive global general insurance industry.