A.M. Best has revised the outlooks to positive from stableand affirmed the Financial Strength Rating (FSR) of A- (Excellent) and theLong-Term Issuer Credit Rating (Long-Term ICR) of "a-" of (NLB) (Des Moines, Iowa, USA). Concurrently, A.M. Best hasaffirmed the FSR of A+ (Superior) and the Long-Term ICR of "aa-" ofits parent, Nippon Life InsuranceCo. (Nissay) (Japan). The outlook of these Credit Ratings (ratings)is stable.

The ratings reflect Nissay's robust risk-adjustedcapitalization, sound business profile and favorable operating results.

Nissay's risk-adjusted capitalization remains strong despitethe decrease in its capital and surplus led by the reduction in unrealizedgains from its investment portfolio. The company successfully managed to issuesubordinated bonds, taking advantage of low interest rates in 2016, whichpartially supported risk-adjusted capitalization while maintaining favorablefinancial leverage.