Thrivent Financial for Lutherans

The stable outlook reflects our expectation that Thrivent will sustain its very strong competitive position while maintaining its better-than-peer persistency and operating performance, as well as its capital redundancy at the 'AAA' level, per our RBC model, through the two years. We could lower our ratings on Thrivent in the next two years if its operating performance deteriorates to a level in line with lower rated peers', or if its capital adequacy weakens to a level we expect will remain below our 'AAA' confidence level. We could also lower the rating if we lower the rating on the U.S. sovereign. We are unlikely to raise the ratings in the next two years given Thrivent's U.S.-focused operations. Real U.S. GDP growth

...Thrivent Financial for Lutheran's controlled distribution force has a shared affinity with its members that drives its better-than-peer persistency ratio. As the largest not-for-profit fraternal benefit society that operates in the highly competitive domestic markets, Thrivent shares the common bond of Christianity with its members. Capitalization and risk-sharing are key financial strengths for Thrivent. Thrivent has a substantial capital redundancy at the '###' level, per our risk-based capital (RBC) model, and most of its products are participating. The company also allocates an amount, at its discretion and in support of its common bond and mission, each year to fraternal spending. We believe the excess capital buffer, together with its flexibility to reduce fraternal spending and policyholder dividends, should allow the company to maintain '###' capital, per our RBC model, through the next two years. Compared to similarly rated and some lower-rated peers' enterprise risk management...

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