TEXT-S&P affirms Federated Life Insurance Co. 'Api' rating


(The following statement was released by the rating agency)Rating ActionOn Sept. 21, 2012, Standard & Poor's Ratings Services affirmed its 'Api'counterparty credit and financial strength ratings on Federated Life InsuranceCo. (FLIC).


The ratings on FLIC are based on the company's very strong capital adequacy,as measured by our model, and very strong operating performance, based on itsstatutory pretax return on assets through year-end 2011.

Based in Owatonna, Minn., FLIC is a wholly owned subsidiary of FederatedMutual Insurance Co. (Federal Mutual), and licensed in 48 states and theDistrict of Columbia. Federated Mutual, which commenced operations in 1904, isa private mutual insurance company that writes property/casualty and lifeinsurance, including accident and health, workers' compensation, autoinsurance, ordinary and group life, and annuities. We rate FLIC on astand-alone basis.

Related Criteria And ResearchRatings Bearing A "pi" Subscript: Methodology And Assumptions, Feb. 9, 2011Ratings ListRatings AffirmedFederated Life Insurance Co.Counterparty Credit RatingFinancial Strength Rating Api

This unsolicited rating(s) was initiated by Standard & Poor's. It may be basedsolely on publicly available information and may or may not involve theparticipation of the issuer. Standard & Poor's has used information fromsources believed to be reliable based on standards established in our CreditRatings Information and Data Policy but does not guarantee the accuracy,adequacy, or completeness of any information used.

Complete ratings information is available to subscribers of RatingsDirect onthe Global Credit Portal at

. All ratings affectedby this rating action can be found on Standard & Poor's public Web site at. Use the Ratings search box located in the leftcolumn.(New York Ratings Team)

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