(The following statement was released by the rating agency)
Rating Action On Sept. 21, 2012, Standard & Poor's Ratings Services affirmed its 'Api' counterparty credit and financial strength ratings on United Farm Family Life Insurance Co. (UFFLIC).
Rationale
The ratings on UFFLIC reflect the company's very strong capital adequacy, as measured by our model. UFFLIC's profitability, based on its statutory pretax return on assets, remained flat in 2011. The company's high geographic concentration in one state (Indiana) somewhat offsets its strengths.
UFFLIC, which is based in Indianapolis, writes individual life and annuity business. The company began operations in 1984 and is licensed to operate in 12 states. UFFLIC is wholly owned by Indiana Farm Bureau Inc., a member of the American Farm Bureau Federation. We rate the company on a stand-alone basis.
Related Criteria And Research Ratings Bearing A "pi" Subscript: Methodology And Assumptions, Feb. 9, 2011 Ratings List Ratings Affirmed United Farm Family Life Insurance Co. Counterparty Credit Rating Financial Strength Rating Api
(Caryn Trokie, New York Ratings Unit)
((Caryn.Trokie@thomsonreuters.com; 646-223-6318; Reuters Messaging: rm://caryn.trokie.reuters.com@reuters.net))
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