MEIJI YASUDA LIFE GETS RATINGS UPGRADE FROM S&P

Rating agency Standard & Poor’s has upgraded the outlook on it’s A- long-term counterparty and financial strength ratings of Japan-based Meiji Yasuda Life form negative to positive. The insurer had been downgraded after it was the subject of two disciplinary actions from the regulatory authorities over failure to pay policyholders and for engaging in illegal sales practices. The subsequent suspensions of business raised concerns from rating agencies over the insurer’s corporate governance. Since then, however, S&P says that Meiji Yasuda has shown signs of recovery in revenue and improved its capital base following the lifting of a ban on seeking official approval for marketing new products.