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)