This report does not constitute a rating action. 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), we have provided the following Credit FAQ to address common market inquiries. 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. Under our Insurers Rating Methodology criteria, we define ratios and terms. We may reflect analytical adjustments for nonrecurring items or to otherwise consider issuer-specific reporting conventions. In assessing an insurer's capital adequacy, we may also make analytical adjustments in accordance with our Insurer Risk-Based Capital Adequacy – Methodology And
