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Shenandoah Life Insurance Company’s GAAP financial results were reportedby Robert W. Clark, President and Chief Executive Officer, at the company’s annualpolicyholders meeting on Friday, April 27, 2007, at the home office of the company in Roanoke, Virginia.

For 2006, Shenandoah Life posted excellent financial results as records were set in operating earnings, net income, total assets and policyholders’ equity. Total 2006 revenue was $260.9 million. The company’s operating gain before income taxes was $19.3 million, an increase of 3%, and net income increased 4% to $14.6 million. Total assets increased 4% to $1.9 billion, and policyholders’ equity increased 5% to $223.5 million.

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