Davis Polk advised Nippon Life Insurance Company on a Rule 144A/Regulation S offering of $1.5 billion aggregate amount of 4.70% step-up callable subordinated notes due 2046. 

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

The Davis Polk corporate team included partner Jon Gray, counsel Christopher J. Kodama and associate Benjamin Potter. Partner John D. Paton and associate Omer Harel provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.

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