June 24, 2014 / 1:02 AM / 3 years ago

Fitch Publishes Sector Credit Factors for Japanese Insurers

(The following statement was released by the rating agency) Link to Fitch Ratings' Report: Life and Non-Life Insurance (Japan) here TOKYO, June 23 (Fitch) Fitch Ratings has published a sector-specific special report describing the credit factors the agency uses to analyse the Japanese life and non-life insurance sector. These sector-specific credit factors supplement the global master criteria "Insurance Rating Methodology", dated 13 November 2013, which Fitch uses to perform core fundamental credit analysis of insurance companies and groups. Consistent with the global master insurance rating criteria, Fitch evaluates companies in the Japan life and non-life insurance sector by considering various qualitative and quantitative credit factors, including but not limited to: industry profile and operating environment, market position and size/scale, corporate governance, capitalisation and financial leverage, financial performance and earnings, and liquidity. In its new special report, Fitch has placed the various building blocks used to formulate its ratings within typical ranges to increase the transparency of its analysis. The report includes various median financial ratios by rating category, as well as charts that demonstrate how key qualitative factors can affect a typical rating range. Japanese life and non-life insurers typically have Insurer Financial Strength (IFS) ratings that fall in the 'A' category. Key Japanese insurance industry risk factors include: investment risk tied to domestic equity holdings (life and non-life); interest-rate risk mainly derived from duration mismatches between assets and liabilities (life); catastrophe loss exposure (mainly non-life), and regulatory issues (life and non-life). The special report "Life and Non-Life Insurance (Japan)" is available at www.fitchratings.com or by clicking on the link above. Contact: Teruki Morinaga Director +81 3 3288 2781 Fitch Rating Japan Limited Kojimachi Crystal City East Wing 3F 4-8 Kojimachi, Chiyoda-ku Tokyo 102-0083 Jeffrey Liew Senior Director +852 2263 9939 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com Related Research: Insurance Rating Methodology (13 November 2013) Applicable Criteria and Related Research: Insurance Rating Methodology here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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