Nippon Life Insurance Company has issued a JPY 50bn ($458m) 'kikin', or foundation fund, a note backed by foundation similar to the so-called 'surplus notes' that US insurers issue as capital.
Foundation fund can be used by Japanese mutuals to raise capital, under the insurance business act.
Nippon Life explained: "In order to fulfil its responsibility to provide long-term protection for customers and enable insurance claims and benefit payments to be made as stipulated in policies even after a crisis of unexpected magnitude, Nippon Life has made efforts to strengthen its financial base."
Channels:Deals
Companies:Nippon Life Insurance Company
