...Our ratings on NN Life Insurance Co. Ltd. (NN Life Japan) reflect our '###+' stand-alone credit profile (SACP) for the company and incorporate a one-notch uplift for support from parent NN Group because we assess NN Life Japan as a strategically important subsidiary within the group. NN Life Japan focuses on corporate owned life insurance (COLI) in Japan's small-and-midsize-enterprises market. In S&P Global Ratings' view, NN Life Japan has ample market experience, product innovativeness, and the ability to provide agencies and policyholders with valuable insurance products such as those with tax benefits. NN Life Japan's business growth shows the market's positive response to its products. In October 2016, the insurer entered into an alliance with Sumitomo Life Insurance Co., one of Japan's major insurers with a large tied-agent channel. The alliance helped NN Life Japan to grow its business in fiscal 2017 (ended March 31, 2018). NN Life Japan's operating performance has risen in terms...
