Security Benefit Receives Ratings Upgrade From Standard & Poor's

TOPEKA, KS--(Marketwire - May 2, 2012) - Security Benefit Corporation, a leading provider of retirement savings and income vehicles throughout the nation, today announced it has received a financial strength ratings upgrade from Standard & Poor's (S&P) to A- with a stable outlook for its insurance entities, Security Benefit Life Insurance Company and its affiliate, First Security Benefit Life Insurance and Annuity Company of New York.

"We've delivered an improved and more competitive market position; consistently strong operating results; and a strengthened capital position along with important improvements in the quality of our capital," said Michael P. Kiley, Chief Executive Officer, Security Benefit Corporation. "We are on a positive trajectory as we've established our position as a leader in the retirement savings and income marketplace. We've diversified our business profile generating asset flows from multiple channels of distribution."

Kiley said the quantity and quality of Security Benefit's capital continues to improve and was recently further enhanced through a transaction whereby the company's Asset Management division was integrated into Guggenheim's broader investment platform. Security Benefit is a Guggenheim Partners Company.

At a time when strong financial ratings have never been more important, nor more difficult to achieve, in the past two years Security Benefit has recorded four upgrades, which is especially impressive in the insurance industry.

"We are extremely pleased that S&P has upgraded our firm and believe the improved credit rating validates our long-term business strategy," said Kiley. "Our targeted focus to help Americans save for and manage income through retirement, coupled with the backing and support of Guggenheim, positions us for further expansion and growth, giving us a business model others can only envy. We're optimistic that with continued strong performance, more upgrades are in our future."

About Security Benefit Corporation
Founded in 1892, Security Benefit Corporation, a Guggenheim Partners Company, is a leading provider of savings and income solutions for America's pre-and post-retirees. Security Benefit Corporation targets multiple wealth segments and channels of distribution through an independent, merit-based distribution structure. By leveraging Guggenheim's superior general account management capabilities into highly competitive products, Security Benefit Corporation focuses on the retirement savings market providing a full range of services to independent distributors including broker/dealers, IMOs and other financial service providers. Security Benefit is indirectly controlled by Guggenheim Partners, LLC. The firm's se² division is an award-winning and nationally recognized provider of administrative services for the insurance and financial services industry. To learn more about Security Benefit or se², visit www.securitybenefit.com or www.se2.com.

About Guggenheim Partners
Guggenheim Partners is a privately held global financial services firm with more than $125 billion in assets under management. The firm provides asset management, investment banking and capital markets services, insurance, institutional finance and investment advisory solutions to institutions, governments and agencies, corporations, investment advisors, family offices and individuals. Guggenheim Partners is headquartered in New York and Chicago and serves clients around the world from more than 25 offices in 10 countries. For more information, please visit www.guggenheimpartners.com.

This press release includes "forward-looking statements." Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "contemplate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release include, without limitation, forecasts of market growth, future revenue, benefits of the proposed acquisition, expectations that the acquisition will successfully be consummated, and other matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: uncertainties as to the timing of the acquisition; the satisfaction of other closing conditions to the transaction; the ability to attract and retain clients and employees; whether certain market segments grow as anticipated; the competitive environment in the financial services industry and competitive responses to the proposed acquisition; and whether the companies can successfully develop new products and the degree to which these gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. Security Benefit and Guggenheim undertake no obligation and do not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Services are offered through Security Distributors, Inc., and indirect subsidiary of Security Benefit Corporation ("Security Benefit"). Security Benefit is indirectly controlled by Guggenheim Partners, LLC.