This report does not constitute a rating action. TOKYO (S&P Global Ratings) Nov. 5, 2026--Given growing interest in Japan's new solvency regulations, the Japan-Insurance Capital Standard (J-ICS), and the voluntary shift toward International Financial Reporting Standards (IFRS), S&P Global Ratings today released a Credit FAQ, titled"Understanding Key Metrics For Japan's Insurers ."To ensure comparability with global peers, S&P Global Ratings adjusts its metrics for Japanese insurers to account for differences in accounting standards, legal structures, regulations, and disclosure practices. In the report, we answer the following frequently asked questions from market participants: If both Japanese GAAP (J-GAAP) and IFRS disclosure information is available, which does S&P Global Ratings prioritize in its analysis? How are the financial statements
