Strategic importance as a subsidiary of the ING Group; Very strong capitalization and stable earnings performance; Investment portfolio comprised of sound assets, mainly yen-denominated fixed income assets; and Lagging business growth in the small and midsize enterprise (SME) market. Japan-based ING Life Insurance Co. Ltd. is a key subsidiary of the ING Group, a global financial services conglomerate. Japan is considered one of the most important insurance markets for the group, particularly given the potential for asset-accumulation type business. Individual life policies sold through agents in the SME market are the main source of income for ING Life. Although business in force in this segment is expanding, new business is struggling for growth due to intensifying market competition and the
