Core subsidiary of the MetLife group Strong distribution network and good product diversification Strong earnings from relatively low-risk products Adequate capitalization relative to assumed risks Slow recovery in the Japanese economy, which is likely to mute sales growth and earnings potential Our ratings on MetLife Alico Life Insurance KK (MetLife Alico Japan) reflect its core status in the MetLife group. They also reflect MetLife Alico Japan's strong stand-alone credit profile, supported by a strong distribution network and its wide range of product offerings; strong earnings from relatively low-risk products; and adequate capitalization relative to the risks it assumes. On the other hand, the slow recovery in Japan's economy is likely to mute MetLife Alico's sales growth and earnings potential. MetLife
