Following a review under our revised insurance criteria, we are affirming our 'A+' ratings on Midland and NACOLAH, collectively Sammons. The ratings on Sammons reflect our view of the company's business and financial risk profiles as strong, and a positive one-notch holistic adjustment reflecting the strength and consistency of its operating performance relative to peers'. The stable outlook is based on our view that Sammons will maintain its strong business and financial risk profiles and above-average operating performance relative to peers'. On July 11, 2013, Standard&Poor's Ratings Services affirmed its 'A+' long-term counterparty credit and financial strength ratings on Midland National Life Insurance Co. (Midland) and North American Co. for Life&Health Insurance (NACOLAH), collectively Sammons. The
