Meiji Yasuda Life posts continued strong operational performance

Meiji Yasuda Life Insurance’s operating performance has been strong and consistent, supported by stable premium income and core earnings with low volatility in the past, AM Best said.

For the fiscal year ended March 2021 (fiscal 2020), the company posted flat core profit of 580 billion yen ($5.5 billion) amid the COVID-19 pandemic. While the company’s new sales performance was impacted by restricted sales activity in the first half of fiscal 2020, its annualized new business premiums began to recover from the second half of fiscal 2020. .

Confirmed ratings

AM Best has affirmed Meiji Yasuda’s financial strength rating of A+ (Superior) and the issuer’s long-term credit rating of “aa-” (Superior). The outlook for these credit ratings is stable.

The ratings reflect Meiji Yasuda’s balance sheet strength, which AM Best rates as the strongest, as well as its strong operating performance, favorable business profile and appropriate management of business risks.

Balance sheet strength

Meiji Yasuda’s balance sheet strength assessment primarily reflects its highest risk-adjusted capitalization as measured by Best’s capital adequacy ratio (BCAR). This assessment is also supported by the company’s low financial leverage, with an adjusted debt leverage ratio well below 25%. The use of sophisticated and transparent economic indicators, including the economic solvency ratio and the group’s excess results, also allows the company to assess its risk-taking activities and its capital in a timely manner.


Meiji Yasuda is one of the leading life insurance companies in Japan. The company continues to maintain a strong and efficient branch network and aims to further diversify its distribution channels to achieve revenue growth and strengthen profitability in its home market. The company’s strong business relationships with regional government offices and private companies continue to support its market leadership position in group insurance business. The company continues to have modest geographic diversification with operations in the United States and other Asian countries.


The “stable” outlook reflects the expectation that Meiji Yasuda will maintain the overall strength of its balance sheet, supported by a risk-adjusted capitalization at the highest level, as measured by BCAR. Its stable in-force business and diversified product portfolio should also support the Company’s strong and consistent operating performance over the medium term.

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