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TEXT-S&P affirms Shelter Life Insurance Co ratings

(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 Shelter Life Insurance Co. (SLIC).

Rationale

The ratings on SLIC are based on the company's very strong capital adequacy as measured by our model, and strong operating performance based on its pretax return on assets. The company's geographic concentration somewhat offsets these positive factors.

SLIC mainly writes individual life insurance and annuities and group accident and health insurance. The company, which was incorporated in 1958, is based in Columbia, Missouri and licensed in 14 states. SLIC is a member of Shelter Insurance Group. 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 Shelter 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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