The ratings on MetLife Insurance KK (MetLife Japan) reflect Standard&Poor's Ratings Services' view that it is a core operating subsidiary of the MetLife group. We hold this view because it is a strong contributor to the group's capital and earnings (accounting for about 15% of the group's capital and earnings), and we view the group's management as strongly committed to its Japan-based business operations. We consider that Metlife Japan has a relatively strong competitive position in Japan's insurance market, particularly in third-sector (accident&health insurance-type products) and foreign-currency fixed-annuity products. MetLife Japan provides a wide variety of life insurance and annuity products in Japan by utilizing various distribution channels such as tied agents, independent agents, bancassurance, and
