The revision to the Long-Term ICR outlook reflects SWBC Life’s sustained trend of positive direct premiums written and some expansion of its business profile through the addition of distribution relationships and additional state licenses. The strong premium growth trend has driven an increase in operating profits, which has contributed to growth in its risk-adjusted capital ratios. SWBC Life maintains a somewhat differentiated investment strategy through utilization of bond ETFs and a higher-than-average allocation to common stocks. However, its overall liquidity remains strong given its high allocation to large cap common stocks, which are dividend-paying. The ratings also recognize that SWBC Life’s ultimate parent, Southwest Business Corporation, continues to report strong financial results and supports SWBC Life operationally through shared services and the expansion of its marketing efforts.