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 strategically important to the NN Group. We may consider downgrading NN Life Japan within two years if we revise down 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 up our assessment of the GCP for NN Group. Japan's real GDP will contract in 2020 due to the COVID-19 pandemic but recover substantially in 2021 and 2022. Interest rates will remain low over the next two years. NN Life Japan is a wholly owned

...Strengths Risks Flexibility and agility in product design and sales strategies in Japan's corporate-owned life insurance (COLI) market Relatively high profit volatility High profitability in terms of return on equity, reflecting capital efficiency Business concentration in the Japan COLI market...

Full Report