"Intermediate" industry and country risk, reflecting business concentration in the Japanese life insurance market Focus on the corporate-owned life insurance market Dependence on third-party distribution channels A likely continuation of stable operating performance "Moderately strong" capital and earnings, supported by "very strong" capital adequacy High-quality fixed income investments A likelihood of financial support from the parent "Moderately strategic" importance to NN Group N.V. "Satisfactory" management and governance "Adequate" enterprise risk management (ERM) The stable outlook on Japan-based NN Life Insurance Co. Ltd. (NN Life Japan) reflects our expectation that the company remains a moderately strategic subsidiary of Netherlands-based insurance and investment management company NN Group and that it will maintain a "satisfactory" business risk profile and a moderately strong financial
