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Appendix A
Scenario 1 - Constant Loan Interest Rate
Profit and Loss Statement
(dollars in thousands except earnings per share)
Pre-Tax Effect Tax Effect
(A) (B) (C) (C1) (D) (E) (F) (G) (H) (I) (J) (K)
Annual Accrued Deductible Pre-Tax Policy Admin.
Net CSV Loan Loan Earnings Loan Fee Tax After-Tax After-Tax
Annual Increase/ Interest Interest Death Admin. Effect Tax Tax Effect Earnings Earnings
Year (Premium)* (Decrease) (Payment) (Payment) Benefits Fee A+B+C+D+E Credit Credit G+H Effect Per Share**[1]
1993 (114,000) 119,586 (11,902) (11,902) 2,016 (304) (4,605) 4,524 116 4,640 35 0.00
1994 (112,280) 126,513 (24,486) (24,486) 2,155 (304) (8,403) 9,308 115 9,423 1,021 0.01
1995 (99,121) 122,492 (36,661) (36,661) 2,312 (304) (11,282) 13,936 115 14,052 2,770 0.04
1996 23,952 (29) (36,633) (36,633) 2,614 (303) (10,399) 13,926 115 14,041 3,642 0.05
1997 24,182 (30) (36,602) (36,602) 2,756 (303) (9,997) 13,915 115 14,030 4,033 0.05
1998 24,411 (32) (36,570) (36,570) 2,934 (303) (9,559) 13,903 115 14,018 4,458 0.06
1999 24,340 (35) (36,535) (36,535) 3,152 (303) (9,381) 13,890 115 14,005 4,624 0.06
2000 (113,380) 152,293 (51,654) (51,654) 3,287 (302) (9,756) 19,639 115 19,753 9,997 0.13
2001 (113,264) 168,363 (68,351) (68,351) 3,595 (302) (9,959) 25,988 115 26,103 16,143 0.21
2002 (113,137) 185,941 (86,771) (86,771) 3,959 (302) (10,310) 32,994 115 33,108 22,799 0.30
2003 (112,997) 205,253 (107,079) (107,079) 4,399 (301) (10,725) 40,718 115 40,833 30,108 0.39
2004 (112,841) 226,309 (129,436) (129,436) 4,911 (301) (11,358) 49,224 114 49,338 37,980 0.50
2005 (112,667) 249,264 (154,019) (154,019) 5,508 (300) (12,215) 58,578 114 58,692 46,477 O.61
2006 (112,472) 274,461 (181,034) (181,034) 6,194 (300) (13,151) 68,860 114 68,974 55,822 0.73
2007 (112,253) 302,091 (210,699) (206,693) 6,983 (299) (14,178) 78,543 114 78,657 64,479 0.84
2008 0 213,785 (231,471) (206,209) 7,851 (299) (10,134) 78,359 113 78,473 68,339 0.89
2009 0 234,409 (254,176) (205,666) 8,796 (298) (11,269) 78,153 113 78,266 66,998 0.87
2010 0 257,067 (278,992) (205,060) 9,803 (297) (12,420) 77,923 113 78,036 65,616 0.86
2011 0 281,888 (306,108) (204,387) 10,864 (296) (13,653) 77,667 113 77,780 64,127 0.84
2012 0 309,092 (335,731) (203,644) 11,961 (295) (14,973) 77,385 112 77,497 62,524 0.82
2013 0 338,897 (368,084) (202,828) 13,091 (294) (16,390) 77,075 112 77,186 60,796 0.79
2014 0 371,620 (403,420) (201,938) 14,253 (293) (17,839) 76,736 111 76,848 59,009
2015 0 408,917 (442,145) (200,971) 15,448 (291) (18,071) 76,369 111 76,480 58,409
2016 0 449,906 (484,575) (199,926) 16,673 (290) (18,285) 75,972 110 76,082 57,797
2017 0 494,902 (531,044) (198,799) 17,938 (288) (18,492) 75,544 110 75,653 57,161 0.75
2018 0 544,368 (581,916) (197,588) 19,289 (287) (18,546) 75,084 109 75,192 56,647 0.74
2019 0 598,625 (637,563) (196,285) 20,777 (285) (18,446) 74,588 108 74,696 56,250 0.73
2020 0 657,819 (698,339) (194,878) 22,461 (283) (18,342) 74,054 108 74,161 55,819 0.73
2021 0 722,246 (764,590) (193,354) 24,397 (281) (18,228) 73,474 107 73,581 55,353 0.72
2022 0 792,208 (836,648) (191,694) 26,615 (279) (18,103) 72,844 106 72,950 54,846 0.72
*Total annual premium less annual withdrawal.
**Based on 76.6 million shares outstanding.
All figures are estimates. Actual results will depend upon mortality, interest rates and dividends.
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1Blank space indicates that there was no legible figure in underlying exhibit.
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