Our ratings on MetLife Alico Life Insurance KK (MetLife Alico Japan) reflect its core status in the MetLife group. They also reflect MetLife Alico Japan's strong stand-alone credit profile, supported by a strong distribution network and its wide range of product offerings; strong earnings from relatively low-risk products; and adequate capitalization relative to the risks it assumes. On the other hand, the slow recovery in Japan's economy is likely to mute MetLife Alico's sales growth and earnings potential. MetLife Alico Japan is a subsidiary of American Life Insurance Co. (Alico; AA-/Stable/--), which MetLife Inc. (MET; A-/Stable/A-2) acquired in 2010. We view Alico as a core operating subsidiary of the MetLife group, given the successful integration of Alico's markets, distribution channels,
