The issuer credit rating (AA-/Stable/A-1+) and financial strength rating (AA-/Stable) on MetLife Insurance KK (MetLife Japan) reflect S&P Global Ratings' assessment that the insurer is a core operating subsidiary of the MetLife group. We hold this view mainly because we see the group's management as strongly committed to its Japan-based business operations. We view MetLife Japan's strategy as integrated into that of the group. In addition, its enterprise risk management is highly integrated into the group's. The insurer also makes strong contributions to the group's capital and earnings. Our ratings on MetLife Japan exceed our sovereign credit rating on Japan (A+/Stable/A-1). This is because we believe that the MetLife group would be able and willing to support MetLife Japan if
