NN Life Japan Ratings Affirmed At 'A-'; Outlook Remains Stable

NN Life Japan's total adjusted capital has fallen after the insurer revised its past calculations of policy reserves. We believe the insurer's risk-based target capital will continue to increase as its business is growing. We have revised down NN Life Japan's financial risk profile to upper adequate from moderately strong. Our assessment of the insurer's stand-alone credit profile remains at 'bbb+'. We believe NN Life Japan is becoming more important to NN Group in light of its increased contributions and the group's commitment to support the insurer. We are affirming our 'A-' financial strength and long-term issuer credit ratings on NN Life Japan. The outlook remains stable. TOKYO (S&P Global Ratings) June 8, 2018--S&P Global Ratings today said it has

...+ NN Life Japan's total adjusted capital has fallen after the insurer revised its past calculations of policy reserves. We believe the insurer's risk-based target capital will continue to increase as its business is growing. We have revised down NN Life Japan's financial risk profile to upper adequate from moderately strong. + Our assessment of the insurer's stand-alone credit profile remains at '###+'. + We believe NN Life Japan is becoming more important to NN Group in light of its increased contributions and the group's commitment to support the insurer. + We are affirming our 'A-' financial strength and long-term issuer credit ratings on NN Life Japan. The outlook remains stable. TOKYO (S&P Global Ratings) June 8, 2018--S&P Global Ratings today said it has affirmed its financial strength and long-term issuer credit ratings on NN Life Insurance Co. Ltd. (NN Life Japan) at 'A-'. The outlook on the ratings remains stable. We base today's rating affirmation on our assessment that its stand-alone...

Ratings Action