Stable outlooks for life insurance

Following analysis of the performance of nine major Japanese life insurers, Fitch Ratings revised the outlook of the class of business from negative to stable. Life insurers have achieved positive results during the year ending March 31, 2010. The weakness of the Japanese economy has had only limited impact on their operations. Fitch is confident in the ability of life insurers to maintain prudent underwriting rules especially after the imminent introduction of new solvency rules. The agency noted that a progress has been made in the management of risk portfolio and investment yield.