TOKYO (Standard&Poor's) Aug. 22, 2005--Standard&Poor's Ratings Services today revised its outlook on ING Life Insurance Co. Ltd. to stable from negative, as a change in reserve guidelines for variable annuities should not significantly affect the insurer due to additional support from its parent group. The long-term counterparty and financial strength ratings on the company were affirmed at 'AA-'. Variable annuities account for more than half of ING Life's total premium income. ING Life is a strategically important company in the ING Group, from which it is expected to receive explicit and implicit support. Standard&Poor's revised its outlook on ING Group's core insurance subsidiaries to stable from negative on Dec. 15, 2004 (see Standard&
