The ratings on MetLife Insurance KK (MetLife Japan) reflect S&P Global Ratings' 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 more than 15% of the group's capital and earnings), and we view the group's management as strongly committed to its Japan-based business operations. The ratings on MetLife Japan exceed the sovereign ratings on Japan (A+/Stable/A-1). This is based on our view that the MetLife group has the ability and willingness to support MetLife Japan if it were to come under stress associated with a Japan sovereign default. Our view is based on the following: The negative impact on
