• Kyodo News

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Dai-ichi Life Insurance Co. said Wednesday it will raise $1.3 billion, or around ¥107 billion, by issuing bonds in March to overseas investors, mainly in Europe and the United States.

The major insurer said it will issue so-called perpetual subordinated bonds, denominated in dollars, with the payment date set for next Wednesday.

The company, which went public last April, is aiming to grow its business through mergers and acquisitions overseas and to meet a stricter gauge of fund requirements against insurance coverage risks that will be imposed in the fiscal year starting April 1.

Perpetual subordinated debt can be counted as capital in calculating the gauge, technically known as the solvency margin.

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