High-quality investments and strong capitalization Potential support from the ING group Relatively low profitability Challenges in diversifying its business Uncertain impact of restructuring of the ING group The ratings on Japan-based ING Life Insurance Co. Ltd. (ING Life; A-/Negative/--) reflect its high-quality investments and strong capitalization, underpinned by the insurer's strict asset liability management, as well as potential support from the ING group, including capital injections and reinsurance. At the same time, the ratings are tempered by the company's relatively low profitability, due to a challenging operating environment, the challenges it faces in diversifying its business, and the uncertain impact of the restructuring of the ING group. ING Life is a subsidiary of the ING Groep N.V. (A/Stable/A-1), a global
