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 grow from fiscal 2021 onward in tandem with recovery from the pandemic. ANP will increase as the impact of the pandemic recedes. Stock prices, currency exchange, and interest rates will not fluctuate
