On May 11, 2004, 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.). Subsequently, Standard & Poor's withdrew the ratings at the company's request. The rating reflected 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 improving top- and bottom-line growth since the second quarter of 2003. These positive factors are offset by the companies' exposure to the financial markets through their equity-related products and their investment portfolio, which has affected earnings and sales in the last
