UPDATE 1-Nippon Life to raise additional 200 bln yen - Nikkei

May 29 (Reuters) - Japan's Nippon Life Insurance Co plans to strengthen its capital position by raising an additional 200 billion yen ($2.07 billion) over the 100 billion yen it has already decided to raise this summer, the Nikkei business daily reported.

The additional capital raise will be spread over four years starting in 2010, boosting the total capital fund balance to more than 1.2 trillion yen, the paper said.

Nippon Life will also take steps to rebuild reserves depleted as a result of the financial crisis, the Nikkei said.

The nation's top life insurer by asset expects to bring its capital base, including the reserves, back up to the fiscal 2007 level of 3.3 trillion yen through these efforts, the paper said. ($1=96.58 Yen) (Reporting by Sweta Singh in Bangalore; Editing by Deepak Kannan)