Readying itself for pending changes
in Japan’s solvency margin ratio (SMR) regulation, the country’s
second-largest life insurer Dai-ichi Life has raised ¥300bn
($3.6bn) in the form of perpetual subordinated loans. The funds
were received by Dai-ichi on 8 October from a syndicate of unnamed

The insurer said the objective of
the capital raising was to strengthen its capital base in keeping
with new SMR regulation in Japan, which becomes effective at the
end of March 2012, and global regulatory change such as Europe’s
Solvency II.

Dai-ichi said the new borrowings
meet the criteria for “specified subordinated debt”, which is
regarded as stronger capital under Japan’s new SMR regulation.

Dai-ichi listed on the Tokyo Stock
Exchange in April following completion of the biggest initial
public offer (IPO) in Japan in 11 years. Dai-ichi raised some $11bn
in the IPO.

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