The insurer financial strength rating on Thrivent Financial for Lutherans reflects the very strong niche business position, very strong liquidity, and extremely strong capitalization of the fraternal benefit society along with its subsidiary, Lutheran Brotherhood Variable Insurance Products Co. (collectively Thrivent Financial). These strengths are offset by the company's exposure to the financial markets through its equity-related products and its investment portfolio, which have produced lower than expected earnings. In January 2002, Lutheran Brotherhood and Aid Association for Lutherans merged to form Thrivent Financial for Lutherans. Standard & Poor's views the merger favorably because of the similarities between the two former organizations in terms of their target market, financial products, and potential for confronting the sales growth challenges in a
