-Dai-ichi Life issues JPY100bn sub-debt.
Global Banking News-March 3, 2011--Dai-ichi Life issues JPY100bn sub-debt(C)2011 ENPublishing - http://www.enpublishing.co.uk
Global Banking News - 03 March 2011
Japan's Dai-ichi Life Insurance Co (8750.TO) is planning to issue nearly JPY100bn in perpetual subordinated debt to overseas investors later in March, to fund mergers and acquisitions in emerging economies and to boost its finances, Dow Jones has reported, citing a separate report by the Nikkei.
Japan's Financial Services Agency (FSA) is set to impose stricter standards starting April 1, for calculating an insurance company's solvency margin, a measure of a firm's ability to meet its insurance obligations. The new standards give more weight to possible appraisal losses on major insurers' stockholdings, which is expected to lower their solvency ratios 40-50 percent on average.
The life insurer has raised JPY320bn by taking out a perpetual subordinated loan last October, but most of the funds were used to redeem before maturity a JPY283bn subordinated loan.
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