Summary: MetLife Insurance KK

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 the insurer makes strong contributions to the group, accounting for more than 20% of its capital and earnings. At the same time, 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+/Positive/A-1). This is because we view that the MetLife group will be able and willing to support MetLife Japan if it comes under stress from a Japan sovereign default. We base our view on the following factors: There is a limited likelihood for a stressed

...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 the insurer makes strong contributions to the group, accounting for more than 20% of its capital and earnings. At the same time, 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+/Positive/A-1). This is because we view that the MetLife group will be able and willing to support MetLife Japan if it comes under stress from a Japan sovereign default. We base our view on the following factors: + There is a limited likelihood for a stressed Japan sovereign to hurt the MetLife group, in our view. + The MetLife group's board-approved risk mitigation plans include MetLife Japan and processes related to its capital and liquidity levels. + We believe the MetLife group has a strong commitment to support MetLife Japan because...

Summary