BANNER LIFE

Banner Life Insurance Company
1710 Research Blvd.
Rockville, MD 20850
(301) 279-4800

History:
The history of Banner Life Insurance Company is nearly 50 years strong. Chartered in 1949 as Government Employees Life Insurance Company (GELICO), the company was acquired by Legal & General Group Plc as a wholly owned subsidiary in 1981. In 1983, the name was changed to Banner Life, signifying their flagship position with Legal & General America in the United States.

Banner Life's subsidiary, William Penn Life Insurance Company of New York, joined the corporate group in 1989. Since that time, management for both companies has been consolidated at the senior level. Banner Life's national presence, William Penn's 30 plus years of brokerage experience and the operational synergy between both companies is a strong combination.

Today Banner's individual life insurance products are sold through independent insurance agencies in 48 states and the District of Columbia.

Banner Life Insurance Company is one of the Legal & General America companies which are wholly owned subsidiary of Legal & General Group, Plc. It became a part of the corporate group in 1981 and is proud of its nearly 50 years of well-managed growth. Banner has a long-standing tradition of product innovation. Today it markets individual life and annuity products through independent insurance agencies in 49 states.

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Financial Ratings: Banner's ratings are not a reflection of, nor are they dependent upon, explicit support from their ultimate parent company. Its ratings indicate that Banner can and will honor its commitments to policy owners... based on its own, independent financial strength.

An "A2" rating from Moody's Investor Service for overall financial strength. This is in the third tier of nine rating designations.

At year-end 1997, on a GAAP consolidated basis, Banner Life had:

• Over $28 billion of life insurance in force
• In excess of $2.27 billion of assets
• Assets that increased 25% since 1992
• An investment portfolio made up of 100% investment grade assets, including 21.3% U.S. government and U.S. government agency holdings
• No real estate (except for home office) and less than 1% of its portfolio invested in commercial mortgages

And on a statutory basis had:

• Capital & surplus of over $155 million
• Assets equal to 122% of statutory liabilities

Banner Life is domiciled in Maryland and is licensed to do business in 49 states and the District of Columbia.

CAN/VALLEY FORGE LIFE – CAN

  
The CNA insurance companies rank in the top 6 largest U.S. insurance groups based on 1997 total revenue.

About CNA
In 1995, CNA Financial Corporation acquired The Continental Corporation through a cash merger for $1.1 billion. Financing for the acquisition consists of a five-year revolving credit arrangement with 16 banks.

The Stock of CNA Financial Corporation is traded on the New York Stock Exchange. Eighty-four percent of the stock is owned by Loews Corporation.

CNA is a registered service mark of CNA Financial Corporation, which had, as of June 30, 1998:

• assets of $63.2 billion

• revenues of $17.5 billion

• stockholders' equity of $8.8 billion

Financial Strength Ratings:
A.M. Best: A
Moody's: A1*

CNA Life Companies
Our life insurance companies, Continental Assurance Company and its subsidiary, Valley Forge Life Insurance Company, had capital & surplus of $1.3 billion and assets of $13.0 billion as of June 30, 1998. The CNA life insurance companies are among the top 2% of life insurers in the U.S. with premiums of $4.1 billion for the 12 months ending June 30, 1998.

The strength of the CNA life insurance companies is reflected in their high quality investment portfolio. As with the CNA property-casualty companies, the CNA life insurance companies' investment portfolio consists primarily of investment-grade bonds. As of 6/30/98, 81.2% of the group's investment portfolio was investment-grade bonds vs. the 1997 life/health industry average of 70.1%

Distribution of invested assets as of 6/30/98
Combined portfolios of the CNA life insurance companies

EMPIRE GENERAL

Empire General
7301 W. 129th St.
Suite 200
Overland Park, KS 66213

Ratings
The A.M. Best Company gives Empire General an A+ rating, based upon the company's financial strength. With regards to the company's ability to pay claims, both Standard & Poor's and Duff & Phelps give the company an AA ranking. These ratings are independent opinions and are not warrant of the company's ability to meet current or future financial obligations.

Asset Analysis

• Empire General has over 97% of their assets secured in bonds

• Empire General's total invested assets equal 54,314.

• None of their assets are held in policy loans.

• Empire General's cash and short-term assets equal 2.9%.

• Empire General has a total of 6,784,090 of insurance in force.

• Empire General remains competitive with the industry average regarding net yield on mean invested assets. In 1997 the company's net yield was 6.94%.

• In addition, Empire General's five year net yield average equals 7.28%, which is competitive with the industry average of 7.71%.

Income & Earnings

FIRST COLONY LIFE

 
About First Colony Life
First Colony Life is a GE Financial Assurance company. Headquartered in Lynchburg, Virginia, with a regional office in Woodland Hills, California, First Colony is licensed in every state (in New York through its subsidiary, American Mayflower Life Insurance Company of New York), in Guam and Bermuda.
With over $240 billion insurance in force, First Colony is in the top ranks of U.S. life insurance companies in this category according to Best's Review.

Financial Ratings

First Colony is rated A++ (Superior), the highest rating of A.M. Best Company, based on its review of the company's relative financial results and operating performance in comparison with norms of the life and health insurance industry. The company is also rated AA+ (Very High), 3rd of 17, by Duff & Phelps, AA (Excellent), 3rd of 18, by Standard & Poor's based on claims paying ability, and Aa2 (Excellent), 3rd of 19, by Moody's Investors Service as it relates to asset quality. These ratings are the opinions of these agencies and are not a warranty of the company's ability to meet financial obligations.

Financial Profile

First Colony's investment portfolio is composed of readily marketable, investment grade securities with maturities closely matched to future cash flow needs.
The bond and redeemable preferred stock portfolio has an average Moody rating of A-2. Of the bond and note portfolio, 97.9% is investment grade. Life insurance and annuity policy reserves are 100% backed by investment grade bonds, preferred stock and cash. First Colony has insignificant investments in mortgage loans and real estate.

FIRST PENN PACIFIC

  
About First Penn Pacific
First Penn-Pacific Life Insurance Company is a part of the Lincoln National Corporation, one of the nations largest insurance holding companies with assets in excess of $49 billion and annual revenues exceeding $7 billion. First Penn receives substantial support from Lincoln National Corporation including investment management services.

First Penn is rated A+ (Superior) by A.M. Best company and AA- (Excellent) by Standard & Poor’s. These ratings reflect First Penn’s profitability, strong capitalization, as well as it strategic affiliation with Lincoln National Life.

First Penn’s investment portfolio consists primarily on investment grade bonds as rated by Standard & Poor’s and Moody’s.

FORTIS HEALTH
   

THE MIDLAND LIFE INSURANCE COMPANY

• Over 90 years of excellence in the insurance industry
• Rated "A" Excellent by A.M. Best
• Rated "A+" by Standard & Poor's
• Operating in 47 states, The District of Columbia and Guam (Not licensed in Maine, New York or Vermont)
• $1.2 billion in total assets
• $45.9 billion of insurance in force

Building with Bonds

• Bonds make up 69% of The Midland's investment portfolio
• Midland's fixed income portfolio contains 92% investment grade bonds with no speculative derivatives
• 77% of Midland's bonds qualify for an "A" or better rating from Standard & Poor's and are NAIC quality class 1

Capital Adequacy

• $124 million of capital and surplus¹ which places The Midland in the top 20% of all life companies
• Adjusted surplus-to-assets ratio has grown from 9.7% on December 31, 1997, to 10.5% as of September 30, 1998.

NORTH AMERICAN LIFE AND HEALTH
  

Income & Earnings

Asset Analysis

PROTECTIVE LIFE INSURANCE COMPANY
  

Protective Life Insurance Company is rated A+ (Superior) by A.M. Best and has a claims-paying ability rating of AA (Excellent) from Standard & Poor's and Duff & Phelps, and has an insurance financial strength rating of A1 (Good) from Moody's Investors Services, Inc.

SECURITY- CONNECTICUT

• Security-Connecticut procured a Net Premium Income of 243,521 for 1996.
• After evaluating the company's financial status, A.M. Best Company ranked Security-Connecticut as an A w company.
• The company's Net Yield on Mean Invested Assets for 1996 was 7.77%, which was slightly higher than the industry average of 7.57%.
• When viewed over a five year period, Security-Connecticut's Net Yield on Mean Invested Assets is 8.15%, which exceeds the industry standard of 7.92%.
• Security-Connecticut offers a weighted bond class of 1.4.
• Duff & Phelps rate Security-Connecticut as an AA for the company's claim paying ability.

Asset Analysis:

TRANSAMERICA LIFE AND ANNUITY COMPANY

 
Safety and Stability
The six Transamerica Life Companies have over 90-years of insurance industry experience offering safety and stability to millions of American families. As one of the six, Transamerica Life Insurance and Annuity Company provides peace of mind while offering innovative insurance products designed to help you plan for your future. Transamerica Life Insurance and Annuity Company has some of the strongest industry ratings based upon superior management and years of commitment to our customers. We understand that you want to provide for your family and your retirements and we can help.

These ratings are provided to you so that you may make a comparison of Transamerica Life Insurance and Annuity Company to other companies. They do not constitute recommendations to purchase this contract.

Ratings as of April 1998

For Statutory Financial Condition
A.M.Best - A+ (Superior)

For Claims-Paying Ability
Duff & Phelps - AA+ (Very High)
Moody's - A3
Standard & Poor's - AA (Excellent)

SelectMark is a flexible deferred annuity issued by Transamerica Life Insurance and Annuity Company, Charlotte, North Carolina.

TRAVELERS

Ratings
The A.M. Best Company gives Travelers an A+ rating, based upon the company's financial strength. With regards to the company's ability to pay claims, Standard & Poor's gives the company an AA ranking, while Duff & Phelps rates Travelers as an AA. These ratings are independent opinions and are not warrant of the company's ability to meet current or future financial obligations.

Asset Analysis

• Traveler's mortgage assets equal 11.5%.s has over 64% of their assets secured in bonds. 
• 9.4% of the company's assets are stocks.
• Traveler's total invested assets equal an astounding 24,865,043. 
• Almost 7.2% of their assets are held in policy loans.
• The remaining assets include real estate, cash & short term, and other holdings.
• Travelers continuously surpasses the industry average regarding net yield on mean invested assets. In 1997 the company's net yield was 8.05%. 
• In addition, Traveler's five year net yield average equals 7.38%, which is competitive with the industry average of 7.71%.