Dominant market position facilitated by favorable provider relationships, growing state economy, and a low unemployment rate Strong capitalization as measured by our capital model Improving product diversity including growing Medicare and Medicaid business Strong investments and liquidity Return on revenue less than peer average Limited geographic profile as a single-state Blue Cross plan Narrow business profile confined to offering health insurance and related products Standard&Poor's Ratings Services' insurer financial strength rating on Noridian Mutual Insurance Co., which does business as Blue Cross Blue Shield of North Dakota (Noridian), reflects the company's dominance of the North Dakota health insurance market, strong capital position, and improving product diversity. Offsetting these positive factors are the company's operating earnings that are below
