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

Davis Polk advised Sumitomo Life Insurance Company on a Rule 144A / Regulation S offering of $1.04 billion aggregate principal amount of 5.875% step-up callable perpetual subordinated notes.

Sumitomo Life is one of the largest private life insurance companies in Japan in terms of both assets and revenues. It holds one of the largest market shares 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, Ayano Kitano and Akiko Okamoto. Counsel Alon Gurfinkel and associates Kelli A. Rivers and Ya Sheng Lin provided tax advice. Counsel Sarah E. Kim and associate Victoria Glass provided 1940 Act advice. Counsel Charles Shi provided ERISA advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.