Fitch lifts Dai-ichi Life IFSR to A+

Fitch Ratings said it upgraded Dai-ichi Life Insurance Co., Ltd.’s insurer financial strength rating to A+ from A.

The outlook is negative.

The agency simultaneously affirmed the company’s long-term issuer default rating at A and revised the outlook to stable from negative. It also affirmed the A- ratings on Dai-ichi Life's $1.3 billion cumulative perpetual subordinated notes with interest deferral options issued in March 2011, and its $1 billion cumulative perpetual subordinated notes with interest deferral options issued in October 2014.

Fitch said the one-notch upgrade of the insurer financial strength rating reflects Dai-ichi Life's recent successful international expansion, which has pushed its global diversification above the threshold at which it may be rated above the Japanese sovereign (long-term local-currency issuer default rating: A/negative).

Dai-ichi Life has been expanding its international business since 2011.

This is driven mainly by its successful integration of Australia-based TAL Group, whose core business is life insurance, and U.S.-based Protective Life Corp. (insurer financial strength rating of its primary life insurance subsidiaries, such as Protective Life Insurance Co.: A/stable), Fitch said.

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