Leading market share in North Dakota Improved profitability Capital adequacy redundant at 'AAA' level Single-state business profile Limited product portfolio Operations in a highly regulated "prior approval" state Noridian Mutual Insurance Co. (d/b/a Blue Cross Blue Shield of North Dakota) is incorporated as a mutual insurance company under the North Dakota Nonprofit Corporation Act and subject to regulation by the North Dakota Insurance Dept. Our rating balances sustained earnings improvement and balance strength with limited geographic and product scope. Noridian continues to hold a leading, albeit somewhat diminished, market share in its core North Dakota market while achieving significantly improved profitability, which has materially bolstered its overall balance-sheet strength. Offsetting this is the company's concentration in a highly regulated and
