We advised Nippon Life on its offering of step-up callable subordinated notes

Davis Polk advised Nippon Life Insurance Company on a Rule 144A / Regulation S offering of $1.5 billion aggregate principal amount of 6.500% step-up callable subordinated notes due 2055.

Nippon Life is the largest private life insurance company in Japan in terms of both assets and revenues. It holds the largest market share by premium income among private insurers in the Japanese life insurance market, the world’s fourth-largest life insurance market by premium volume.

The Davis Polk corporate team included partner Christopher Kodama and associates Haruka Moriya and Akiko Okamoto. Counsel Alon Gurfinkel and associates Kelli A. Rivers and Ya Sheng Lin provided tax advice. Counsel Leon E. Salkin and associate Mitchell Aronoff provided 1940 Act advice. Counsel Chaoyuan (Charles) Shi provided ERISA advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.

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