TEXT-S&P affirms United Farm Family 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 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)