Japan-based ING Life Insurance Co. Ltd. (ING Life; A-/Negative/--) is a subsidiary of the ING Groep N.V. (A/Stable/A-1), a global financial services conglomerate with about ¥154 trillion in gross assets as of December 2009. In April 2009, as part of a global review, the ING group announced that it would be reviewing its operations in Japan. Following the group's strategic review of its life insurance business in Japan, ING Life announced its decision to halt new sales of single premium variable annuity (SPVA) products in Japan from Aug. 1, 2009, while continuing to service existing SPVA policies. In October 2009, the ING group announced that it would separate its banking and insurance operations by 2013, following discussions with the European
