S&P Global Ratings affirmed the A financial strength rating and long-term issuer credit rating on Japan-based Kyoei Fire & Marine Insurance Co. Ltd., a unit of National Mutual Insurance Federation of Agricultural Cooperatives.

The outlook was revised to positive from stable, reflecting the agency's expectation that its parent's capitalization will continue to improve, mainly through accumulation of retained earnings, including equity-like reserves such as catastrophe loss reserves, and improving catastrophe risk controls. The rating agency also believes that Kyoei Fire will likely remain strategically important to National Mutual.