On Sept. 25, 2003, Standard & Poor's Ratings Services affirmed its 'AA' counterparty credit and financial strength ratings on Thrivent Financial for Lutherans and its insurance subsidiary, Thrivent Life Insurance Co. (formerly known as Lutheran Brotherhood Variable Insurance Products Co.). The outlook is stable. The affirmations reflect the fraternal benefit society's very strong niche, which is demonstrated by the loyalty of its customers; unique fraternal structure; improving liquidity; extremely strong capitalization; and initial signs of improving top- and bottom-line growth of the group in the second quarter of 2003. These positive factors are offset by the companies' (collectively referred to as Thrivent Financial) exposure to the financial markets through their equity-related products and their investment portfolio, which has affected earnings
