Following a review of ING Life Japan under our revised insurance criteria, we are affirming our 'BBB+' ratings on the insurer. The ratings predominantly reflect our view of the insurer's satisfactory business risk profile and moderately strong financial risk profile, based on its adequate competitive position, very strong capital and earnings, moderate risk position, and less than adequate financial flexibility. The developing outlook reflects uncertainty over ING Life Japan's future ownership as well as risks to its business and financial profiles due to its planned separation from the group. On July 3, 2013, Standard&Poor's Ratings Services affirmed its 'BBB+' insurer financial strength and counterparty credit ratings on Japan-based life insurer ING Life Insurance Co. Ltd. (ING Life Japan).
