Dai-ichi Life recapitalises with new perpetual subordinated loan

Written by Adam Cadle

24/10/2022

Dai-ichi Life has prepaid Tranche B (JPY 144bn) of its perpetual subordinated loan which was recapitalised on 8 october 2015, and at the same time refinanced with a new, perpetual subordinated loan worth JPY 64bn in order to strengthen its capital base.

The new loan is callable in whole on each interest payment data on or after 11 Octonber 2017 at the discretion of the insurer, subject ti prior government approval. There will be a step-up in the applicable interest rate on and after the interest payment date scheduled in October 2027.

The new loan meets the criteria for 'specified subordinated debt', which is regarded as stronger capital in the Japanese solvency margin ratio regulations.

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