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Feb 2010 AM Best has granted an A+ rating to Nippon Life Insurance, Japan's number one life insurer. The agency has also downgraded the insurer's credit rating from “AA” down to “AA-” with stable outlook. AM Best justified this rating by the continuous deterioration of the insurer's capitalization which has been seriously hit by the crisis in the recent two years. The solvency margin has been depreciated falling from 1325% in 2006-2007 down to 904% in 2008-2009.