Japan-based ING Life Insurance Co. Ltd. is a key subsidiary of the ING Group, a global financial services conglomerate. Japan is considered one of the most important insurance markets for the group, particularly given the potential for asset-accumulation type business. ING Life has maintained and developed its competitive niche positions, mainly focusing on SME and high net worth (HNW) markets through the sales of its 'increasing term' and single premium variable annuity (SPVA) products, respectively. Individual life policies sold through agents in the SME market are the key profit contributor for ING Life. Although new business growth in this segment has been dampened by intensifying market competition and the stagnant domestic economy over the past two years, ING Life saw
