Thrivent Financial for Lutherans

Thrivent still boasts one of the lowest lapse rates in the industry, at approximately 2%, largely due to both its common bond of Christianity with its members and the relationship-focused sales approach its exclusive distribution deploys. In turn, the company has the flexibility to reduce these non-guaranteed elements and share unfavorable results with the policyholders, should market conditions deteriorate. We believe the excess capital buffer, together with Thrivent's flexibility to reduce fraternal spending and policyholder dividends under stress, should enable the company to maintain excellent capital and earnings through the next two years. The stable outlook reflects our expectation that Thrivent will maintain its very strong competitive position; better-than-peer persistency and profitability; and excellent capital and earnings, per our RBC

...Thrivent Financial for Lutherans has weathered surrenders due to rising interest rates well by ushering those policyholders into new Thrivent products. Rising interest rates have made fixed annuities offered at current market rates very attractive to customers in recent years, and Thrivent has capitalized on this trend. Its sales of multiyear guaranteed annuities, in particular, to new customers have grown consistently in each of the past few years. And although many of Thrivent's customers chose to surrender their current policies and purchase new ones at a more attractive rate, most of those new purchases were Thrivent products. Thrivent still boasts one of the lowest lapse rates in the industry, at approximately 2%, largely due to both its common bond of Christianity with its members and the relationship-focused sales approach its exclusive distribution deploys. Thrivent's enterprise risk management (ERM) program has matured and proven effective. Thrivent has seasoned its now well-defined...

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