Strengths: Very strong business position supported by its large fraternal structure targeting the Lutheran market. Very stable and loyal membership with lapse rate well below the industry average. Extremely strong capital structure with a clean balance sheet. Stable and experienced management team. Weaknesses: Lower than expected earnings due to its exposure to equity risks through its variable products and mutual fund business as well as high credit losses due to impairments and defaults in the past two years. Lutheran market is shrinking and could create some challenges in sales growth. The insurer financial strength ratings on Thrivent Financial for Lutherans and Thrivent Life Insurance Co. (collectively, Thrivent Financial) reflects the fraternal benefit society's very strong niche, which is demonstrated by
