Shenandoah Life Reports Strong Financial Results for 2007

For 2007, Shenandoah Life posted strong financial results. Total 2007 revenue was $281.1 million. The Company's operating gain before income taxes was $19.1 million, the second highest in the history of the Company. Net income was $12.9 million, which was one of the highest in the Company's history. Total assets increased four percent to $1.9 billion, and policyholders' equity remained strong at $217.9 million.

Strong investment performance in the individual line of business and favorable loss ratios in the group line of business were significant contributors to the 2007 financial results. Net investment income increased three percent to $83.0 million. Both the yield and the credit quality of the investment portfolio remained very strong throughout 2007. The commercial mortgage portfolio continued to be a stellar performer, growing almost 20 percent to $219 million. At the end of the year, the portfolio yield on the total invested assets was 6.32 percent and 97 percent of the securities in the fixed income segment were rated investment grade.

"Our 2007 financial results are a reflection of our comprehensive product offerings and conservative expense management," said Clark. "As a company we are focused on providing quality products and effectively managing our resources so that we can consistently meet our customer's needs."

The reported information was derived from Shenandoah Life's audited GAAP and statutory financial statements, a reconciliation of which is available in the company's 2007 Annual Report to Policyholders, which was published in March and posted on the company's website, http://www.shenlife.com.

In other action at the annual policyholders meeting, the following members of the Shenandoah Life Board of Directors were re-elected, effective April 25, 2008, for three-year terms: Gordon K. Davies, Higher Education Policy Consultant; Charles W. Steger, President, Virginia Polytechnic Institute and State University; and Karen F. Washabau, Consultant to Public and Nonprofit Organizations.

Shenandoah Life Insurance Company is a mutual life insurance company with $15 billion of life insurance in force. The Company offers a full line of individual life and annuity products, Medicare Supplement, group life, group disability, group dental and group vision products. The company was founded in 1914 and operates in 31 states and theDistrict of Columbia. As of February 29, 2008, Shenandoah Life has an A.M. Best Rating of A- (Excellent).

SOURCE Shenandoah Life Insurance Company

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