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Bond Market News
Asahi Life Upgraded to A- by Fitch
November 3, 2025
Asahi Life was upgraded by a notch to A- from BBB+ by Fitch, and its Insurer Financial Strength (IFS) rating to A. The upgrade reflects stronger capital adequacy, improving profitability as the negative spread burden declines, growing market share in the profitable health insurance segment, and better asset-liability management due to reduced duration mismatch. Asahi Life’s capital adequacy remained strong supported by a solvency ratio of 258%, according to Fitch. Profitability strengthened, with the core profit margin rising to 15% in FY25 (from 12%), helped by higher investment income and reduced hedging costs. The negative spread burden fell sharply to JPY 2bn ($12.98mn) from JPY 28bn ($181.8mn) a year earlier. The insurer’s market share in the health insurance segment grew to 4%, reflecting successful strategic focus and channel diversification. Fitch views its interest-rate risk as declining, supported by narrowing duration gaps and sufficient capital buffers. Fitch expects Asahi Life’s capital strength and profitability to continue improving, sustaining its upgraded ratings.
Asahi Life’s dollar bonds traded stable with its 4.1% Perp at 95.25, yielding 5.15%.
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