Good position in Japan's growing corporate-owned life insurance market Strategically important group status to parent NN Group Conservative investment policy Its capital level may fluctuate on dividend payments and reinsurance support from the parent group Our ratings on NN Life Insurance Co. Ltd. (NN Life Japan) reflect our 'bbb+' stand-alone credit profile (SACP) for the company and incorporate a one-notch uplift for support from parent NN Group because we assess NN Life Japan as a strategically important subsidiary within the group. NN Life Japan focuses on corporate owned life insurance (COLI) in Japan's small-and-midsize-enterprises market. In S&P Global Ratings' view, NN Life Japan has ample market experience, product innovativeness, and the ability to provide agencies and policyholders with valuable insurance
