The ratings on MetLife Alico Life Insurance KK (MetLife Alico Japan) reflect its critical role in MetLife Inc.'s (MET; A-/Negative/A-2) international business strategy. 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 Japan's sales growth and earnings potential. MetLife Alico Japan is a part of American Life Insurance Co. (Alico; A+/Positive/--), which MET acquired in 2010. It started operations as a Japanese subsidiary of Alico on April 2, 2012, and will take on the insurance
