Correction: Fitch Affs Union Central Life's IFS Rtg at 'A'; Surplus Nts at 'BBB+'; Outlook Stable.

Business Editors

CHICAGO--(BUSINESS WIRE)--Feb. 10, 2004

(This is an amended version of a press release issued yesterday, containing revised information on the date of the NAIC-basis RBC and total adjusted regulatory capital in the second paragraph.)

Fitch Ratings has affirmed the insurer financial strength rating of Union Central Life Insurance Company (Union Central) at 'A' and the surplus notes rating at 'BBB+'. The Rating Outlook has been changed to Stable from Negative.

The change in Outlook to Stable from Negative reflects that over the past several quarters, Union Central management has successfully implemented initiatives that strengthened capitalization, decreased investment risk and improved profitability. As a result of management's efforts through 2003, Fitch now views Union Central as appropriately capitalized on a statutory basis. NAIC-basis RBC and total adjusted regulatory capital were 272% and $313 million, respectively at Sept. 30, 2003 compared to 261% and $282 million, respectively at Dec. 31, 2002.

Other factors reflected in the rating are above-industry-average sales growth in core individual life insurance, a range of annuity product offerings that are attractive under varying market conditions, an experienced management team and good asset/liability management. Offsetting factors include higher investment risk than similarly rated peers, above average interest - sensitive liabilities, statutory profitability that is below expectations and lack of financial flexibility as a medium-size regional mutual insurance company.

Over the past five years, the company has surpassed industry average core life insurance sales (excluding BOLI) by attracting and retaining larger more productive agents, increasing multiple product sales to the same client, enhancing agency productivity through raising the productivity bar, developing strategic alliances and new product development. Through September 30, 2003, core life insurance sales increased to $24.7 million (26.7% over the same period in 2002).

Union Central is a mutual life insurance company licensed in all 50 states based in Cincinnati, Ohio. At September 30, 2003, it had statutory admitted assets and total adjusted capital of $6.1 billion and $313 million, respectively. The company targets the upper-income and small-business owner markets, primarily in secondary cities throughout the United States.

Entity/Issue/Type               Action          Rating/Outlook

Union Central Life Insurance Company

-- Insurer financial strength   Affirmed        'A'/Stable;

-- Surplus note Affirmed 'BBB+'/Stable.