Fitch affirms Asahi Mutual

Fitch Ratings said it affirmed Asahi Mutual Life Insurance Co.’s insurer financial strength rating at BB+ (moderately weak) and its long-term issuer default rating at BB.

The outlook is positive.

The agency simultaneously affirmed Asahi Mutual’s $350 million cumulative perpetual subordinated bonds, with interest deferral options issued in January, at BB-.

Fitch said the ratings reflect the improvement in Asahi Mutual’s capitalization and leverage, as well as its resilient financial performance and earnings backed by steady growth in the profitable third (health) sector.

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