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Fitch affirms Nippon Life's ratings

Fitch Ratings affirmed Nippon Life Insurance Co.'s insurer financial strengthrating at A and its long-term issuer default rating at A.

The rating outlook is negative, the rating agency said Oct.7.

The ratings affirmation reflects Nippon Life's strongbusiness profile in Japan, sufficient capital, low financial leverage andstable profit margin.

Fitch does not believe a ratings upgrade is likely in thenear future as the company's insurer financial strength rating is on par withJapan's long-term local currency issuer default rating. On the other hand,Fitch may downgrade the ratings if there is a downgrade of Japan's rating or ifthere is a significant drop in Nippon Life's capital buffer. A decline inprofitability may also trigger a downgrade.