On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). Per our new risk-based capital model, we view Thrivent Financial for Lutherans' capital and earnings as excellent due to significant redundancy at the 99.99% confidence level. We affirmed our 'AA+' long-term issuer credit and financial strength ratings on Thrivent. The stable outlook reflects our expectation that the group will maintain its very strong competitive position and excellent capitalization through the next two years. On March 25, 2024, S&P Global Ratings affirmed its 'AA+' long-term issuer credit and financial strength ratings on Thrivent Financial for Lutherans. The outlook remains stable. The implementation of our revised capital model criteria did not
