Strengthening its capital
base, Japanese insurer Dai-ichi Life has completed the issue of
$1.3bn in US dollar-denominated perpetual subordinated notes. The
notes carry a fixed interest rate of 7.25% per annum until July
2021 and a floating rate thereafter.
The note issue represents
Dai-ichi’s third major capital raising exercise in less than 12
months.
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In April 2010, the insurer
listed on the Tokyo Stock Exchange following completion of an
initial public offer (IPO) in which it raised some
$11bn.
In October 2010, Dai-ichi
raised some $3.6bn through the issue perpetual subordinated loans
to a syndicate of unnamed participants.
Flexing its financial muscle,
in December 2010, Dai-ichi announced its intention to acquire the
71.04% of TOWER Australia Group it does not already own, in a deal
worth A$1.7bn ($1.7bn).
TOWER, Australia’s
third-largest life insurer, reported premium income of A$128.8m in
the first half of 2010.
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