NN Life Insurance Co. Ltd.

The stable outlook on NN Life Japan reflects those on NN Group's core subsidiaries. The outlook also reflects our view that the company is likely to remain a strategically important NN Group subsidiary. We may consider downgrading NN Life Japan within two years if we revise downward to 'a-' from 'a' our assessment of the group credit profile (GCP) for NN Group. We may consider upgrading NN Life Japan within two years if we revise upward our assessment of the GCP for NN Group. Interest rates will remain low over the next two years. Japan's real GDP will grow at a steady pace and remain moderate. NN Life Japan is a wholly owned subsidiary of NN Group. The insurer focuses

...Strengths Risks Flexibility and agility in product design and sales strategy in the domestic corporate-owned life insurance (COLI) market Relatively high volatility of profitability compared with peers High profitability in terms of return on equity (ROE), reflecting its capital efficiency Business concentration in the domestic COLI market...

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