Ten Japanese Insurers Downgraded; Outlooks On Two Other Insurers Revised Down To Stable Following Downgrade Of Japan

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1 Ten Japanese Insurers Downgraded; Outlooks On Two Other Insurers Revised Down To Stable Following Primary Credit Analyst: Reina Tanaka, Tokyo (81) ; Secondary Contacts: Toshiko Sekine, Tokyo (81) ; Shoki Nagano, Tokyo (81) ; Yoshie Honna, Tokyo (81) ; Following the downgrade of Japan to 'A+/Stable/A-1' from 'AA-/Negative/A-1+', we have reviewed our ratings on 12 Japanese insurers. We are lowering our long-term counterparty credit ratings on eight Japanese insurers by one notch to 'A+'. The outlooks are stable. Out of the eight, we are lowering our short-term counterparty credit rating on one insurer by one notch to 'A-1'. We are affirming our long-term counterparty credit ratings on two insurers at 'A+/Stable' and lowering the short-term counterparty credit ratings on both by one notch to 'A-1'. We are revising downward the outlooks on two insurers to stable and affirming the long-term counterparty credit ratings on both at 'A+'. The ratings on the insurers are constrained by the sovereign ratings because both their business franchises and assets are highly concentrated in Japan, in our view. TOKYO (Standard & Poor's) Sept. 17, Standard & Poor's Ratings Services today said that it has lowered its counterparty credit ratings on 10 Japanese insurers, including some of their subsidiaries, and revised downward the outlooks on two other insurers (see list below). The rating actions follow our downgrade of Japan by one notch to 'A+/Stable/A-1' (please see "Japan Ratings Lowered To 'A+/A-1'; Outlook Is Stable," published Sept. 16, 2015). SEPTEMBER 17,

2 Among the 10 insurers that we downgraded, we lowered our financial strength and long-term counterparty credit ratings on eight of them by one notch to 'A+'. The outlooks on the eight insurers are stable. The eight insurers are Tokio Marine & Nichido Fire Insurance Co. Ltd., Tokio Marine & Nichido Life Insurance Co. Ltd., ACE Insurance Co., Sony Life Insurance Co. Ltd., The Gibraltar Life Insurance Co. Ltd., The Prudential Life Insurance Co. Ltd., The Prudential Gibraltar Financial Life Insurance Co. Ltd., and MassMutual Life Insurance Co. At the same time, we also lowered the short-term counterparty credit rating on Tokio Marine & Nichido Fire Insurance by one notch to 'A-1'. As for the remaining two insurers--mitsui Sumitomo Insurance Co. Ltd. and Aioi Nissay Dowa Insurance Co. Ltd.--we lowered our short-term counterparty credit ratings on both by one notch to 'A-1'. In addition, we affirmed our financial strength and long-term counterparty credit ratings on the two insurers at 'A+' and maintained the outlooks at stable. Besides the aforementioned 10 insurers, we revised downward the outlooks on the long-term counterparty credit ratings on Nippon Life Insurance Co. and AXA Life Insurance Co. Ltd. to stable from positive. We affirmed our financial strength and long-term counterparty credit ratings on both companies at 'A+'. As shown in the list below, we also lowered by one notch our long-term debt ratings on Tokio Marine & Nichido Fire Insurance and MassMutual Life Insurance. At the same time, we lowered by one notch the commercial paper program ratings on both Tokio Marine & Nichido Fire Insurance and Mitsui Sumitomo Insurance. In addition, we lowered our ratings on Tokio Marine & Nichido Fire Insurance's overseas branch and most of its overseas insurance subsidiaries, which have received explicit or implicit support from the core subsidiaries of the Tokio Marine group (this media release excludes ratings assigned to the group companies that are not registered in Japan). The ratings on the insurers are constrained by the sovereign ratings because both their business franchises and assets are highly concentrated in Japan, in our view. As such, we consider the ratings on these insurers as constrained by the sovereign ratings on Japan. Our rating actions today are based on our review of the rating levels and outlooks on these insurers under the constraint of the sovereign ratings and, as a result, the downgrades and outlook revisions were carried out to bring them to the same levels as the sovereign ratings and outlook on Japan. The rating actions did not result from any changes in the credit factors of each insurer. The outlooks on the 12 insurers that we reviewed are stable, mirroring the outlook on the long-term sovereign rating on Japan. Even if they were to enhance their financial profiles, we are unlikely to raise the ratings on these insurers as long as the sovereign rating on Japan remains at the current level. We may lower the ratings on the insurers if the sovereign rating on Japan is lowered. RATINGS LIST SEPTEMBER 17,

3 Ratings Lowered To From Tokio Marine & Nichido Fire Insurance Co. Ltd. Counterparty Credit Rating A+/Stable/A-1 AA-/Negative/A-1+ Long-term Senior Unsecured Debt Rating A+ AA- CP Program Debt Rating A-1 A-1+ Tokio Marine & Nichido Fire Insurance Co. Ltd. (New Zealand Branch) Tokio Marine & Nichido Life Insurance Co. Ltd. Tokio Marine America Insurance Co. Tokio Marine Global Re Asia Ltd. Tokio Marine Kiln Insurance Ltd. Tokio Millennium Re AG Tokio Millennium Re (UK) Ltd. ACE Insurance Co. Sony Life Insurance Co. Ltd. The Gibraltar Life Insurance Co. Ltd. The Prudential Life Insurance Co. Ltd. The Prudential Gibraltar Financial Life Insurance Co. Ltd. SEPTEMBER 17,

4 MassMutual Life Insurance Co. Subordinated Debt Rating A A+ Subordinated/Junior Subordinated Debt Rating A- A Short-Term Ratings Lowered; Long-Term Ratings Affirmed Mitsui Sumitomo Insurance Co. Ltd. Financial Strength Rating A+/Stable A+/Stable Counterparty Credit Rating A+/Stable/A-1 A+/Stable/A-1+ Long-term Senior Unsecured Debt Rating A+ A+ Subordinated Debt Rating A- A- CP Program Debt Rating A-1 A-1+ Aioi Nissay Dowa Insurance Co. Ltd. Financial Strength Rating A+/Stable A+/Stable Counterparty Credit Rating A+/Stable/A-1 A+/Stable/A-1+ Ratings Affirmed; Outlook Revised Nippon Life Insurance Co. Financial Strength Rating A+/Stable A+/Positive Counterparty Credit Rating A+/Stable/-- A+/Positive/-- Junior Subordinated Debt Rating A- A- AXA Life Insurance Co. Ltd. Financial Strength Rating A+/Stable A+/Positive Counterparty Credit Rating A+/Stable/-- A+/Positive/-- RELATED CRITERIA AND RESEARCH Related Criteria Ratings Above The Sovereign--Corporate And Government Ratings: Methodology And Assumptions, Nov. 19, 2013 Group Rating Methodology, Nov. 19, 2013 Insurers: Rating Methodology, May 7, 2013 Hybrid Capital Handbook: September 2008 Edition, Sept.15, 2008 A Japanese-language version of this media release is available on Standard & Poor's Research Online at or via CreditWire Japan on Bloomberg Professional at SPCJ <GO>. Complete ratings information is available to subscribers of RatingsDirect at and at spcapitaliq.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left column. SEPTEMBER 17,

5 Copyright 2015 Standard & Poor's Financial Services LLC, a part of McGraw Hill Financial. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P's opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and and (subscription) and (subscription) and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at SEPTEMBER 17,

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