NU Online News Service, Sept. 28, 2004, 3:12 p.m. EDT
Moody’s Investors Service, New York, is reviewing Thrivent Financial for Lutherans’ insurance financial strength rating for a possible downgrade.[@@]
Thrivent, Minneapolis, now has an Aa1 rating. The rating is Moody’s second highest rating.
Moody’s says its review will focus on Thrivent’s profitability and expense structure. In addition, the agency says it will review the company’s exposure to long term care insurance. Thrivent discontinued sales of its own LTC product in early 2003 but still markets LTC insurance from outside insurers.
Thrivent Financial was created in 2002 from the merger of 2 fraternal organizations, the Aid Association for Lutherans and the Lutheran Brotherhood.