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Insurance ratings actions: Fitch upgrades Sumitomo Life Insurance, Meiji Yasuda

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Insurance ratings actions: Fitch upgrades Sumitomo Life Insurance, Meiji Yasuda

S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5 p.m. ET. Actions after 5 p.m. ET will be included in the following day's roundup.

Asia-Pacific

Fitch Ratings upgraded the insurer financial strength ratings of Sumitomo Life Insurance Co. to A+ from A and affirmed its issuer default rating at A. The under criteria observation status on the ratings was also removed.

The outlook is stable.

The ratings of Sumitomo Life Insurance reflect its favorable business profile, very strong capitalization, despite high investment risk, and very strong financial performance. The rating agency also takes into account the company's wide duration mismatch between assets and liabilities compared with other Japanese insurers.

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Fitch Ratings upgraded Japan-based Meiji Yasuda Life Insurance Co.'s insurer financial strength ratings to A+ from A and also affirmed the issuer default rating at A. The under criteria observation status on the ratings was also removed.

The outlook is stable.

The rating action shows Meiji Yasuda Life Insurance's favorable business profile, very strong capitalization despite high investment risk and very strong financial performance aided by stable substantial mortality and morbidity gains and strong asset and liability management.

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Fitch Ratings upgraded the insurer financial strength rating to A+ from A of Nippon Life Insurance Co. and also affirmed the issuer default rating at A. The under criteria observation status on the ratings was also removed.

The outlook is stable.

The Japanese insurer's rating reflects its most favorable business profile, very strong capitalization and financial performance. The rating also factors in its high risky asset ratio and adequate asset and liability management.

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Fitch Ratings affirmed the BBB+ insurer financial strength rating of TONGYANG Life Insurance Co. Ltd. Fitch has also affirmed and withdrawn the BBB long-term issuer default rating as it is no longer considered by Fitch to be relevant to the agency's coverage.

The outlook is evolving.

The affirmation of TONGYANG Life Insurance's rating takes into consideration its strong capitalization and good profitability.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

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