S&P: Ratings On ORIX Life Affirmed, Then Withdrawn At The Company's Request

S&P Global Ratings today said that it has affirmed its 'A-' long-term issuer credit and insurer financial strength ratings on ORIX Life Insurance Corp. (ORIX Life). We subsequently withdrew the ratings at the insurer's request. The outlook at the time of withdrawal was stable.

We affirmed the ratings on ORIX Life after maintaining our anchor and stand-alone credit profile (SACP) for the insurer at 'a-', which reflected our view that its capital would likely remain high thanks to the capital policy of the ORIX group. In our affirmation, we also incorporated our following views: the ratio of the insurer's soft capital, such as value-in-force, to total adjusted capital would likely remain high over the medium to long term; and the insurer's soft capital is highly volatile.

The ratings affirmation also reflected our expectation that we would continue to evaluate ORIX Life's status as strategically important within the ORIX group. We believe ORIX Life depends on the group for financial support because the insurer has been suffering net losses under Japanese generally accepted accounting principles due to increasing new acquisition costs caused by strong growth in new policies. In our view, the ratings and outlook on ORIX Life were linked to those on ORIX Corp. (A-/Stable/--) as long as the credit profile of ORIX Life remained commensurate with that of ORIX Corp.

The stable outlook on ORIX Life mirrored the stable outlook on the parent, ORIX Corp. The outlook on ORIX Life also reflected our view that our SACP for the insurer would remain 'a-' for the next two years.

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