The ratings on Japan-based ING Life Insurance Co. Ltd. (ING Life; BBB+/Developing/--) reflect the insurer's high-quality investments and rigorous asset-liability management. On the other hand, these factors are offset by a lack of clarity on the extent to which the revised strategy of its parent group will negatively affect its future competitive position and financial profile, especially its capitalization and financial flexibility. ING Life is a subsidiary of the ING Groep N.V. (A/Stable/A-1), a global financial services conglomerate with about ¥128 trillion in gross assets as of December 2011. The ING group announced on Jan. 12, 2012, that it was revising the base case for two IPOs relating to the divestment of its insurance and investment management operations--one for the
