Intermediate industry and country risk, reflecting business concentration in the Japanese life insurance market Focus on the corporate-owned life insurance market Dependence on third-party distribution channels Operating performance has stabilized Moderately strong capital and earnings supported by very strong capital adequacy High-quality fixed income investments Likely to receive financial support from the parent Moderately strategic importance to NN Group Satisfactory management and governance Adequate enterprise risk management The negative outlook reflects our view that we will lower the ratings on ING Life Insurance Co. Ltd. (ING Life Japan) if we lower the ratings on ING Groep N.V. (ING) before it makes significant further progress in divesting NN Group and prior to greater independence in the subgroup's funding profile, which also
