Strategically important subsidiary of ING Group Very strong capitalization and stable earnings Strong position in the small and midsize enterprise (SME) market Investment portfolio comprised of sound assets Variable annuity products contribute little profit Ratings and outlook are capped by those on core insurance entities within ING Group Uncertainty over further expansion in the SME market due to intensifying competition Japan-based ING Life Insurance Co. Ltd. is a key subsidiary of 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. ING Life has maintained and developed its competitive niche positions, mainly focusing on SME and high-net-worth customer markets through sales of
