OREANDA-NEWS. The Dai-ichi Life Insurance Company, Limited (the “Company”; President: Koichiro Watanabe) hereby announces that it has prepaid the whole of its perpetual subordinated borrowings which were recapitalized on September 27, 2010 (the “Existing Borrowings”), and at the same time refinanced with new, perpetual subordinated borrowings (the “New Borrowings”).

The Company successfully enhanced its capital base with the New Borrowings in addition to its U.S. dollar-denominated perpetual subordinated notes issued in October 2014, which were used for the prepayment of the Existing Borrowings. Further, the Company increased capital stability with a diversified debt structure: the New Borrowings have two tranches with different dates for a step-up in the applicable interest rate and different dates on or after which the principal can be prepaid.