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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]
2023 0 867,928 (914,804) (189,879) 29,184 (276) (17,968) 72,154 105 72,259 54,291 0.71
2024 0 949,613 (999,303) (187,885) 32,146 (273) (17,817) 71,396 104 71,500 53,683 0.70
2025 0 1,037,393 (1,090,314) (185,684) 35,546 (270) (17,645) 70,560 103 70,662 53,017 0.69
2026 0 1,131,328 (1,187,917) (183,247) 39,410 (267) (17,446) 69,634 101 69,735 52,289 0.68
2027 0 1,231,384 (1,292,076) (180,544) 43,740 (263) (17,215) 68,607 100 68,707 51,492 0.67
2028 0 1,337,543 (1,402,677) (177,547) 48,446 (259) (16,946) 67,468 98 67,567 50,620 0.66
2029 0 1,449,715 (1,519,519) (174,238) 53,415 (255) (16,643) 66,210 97 66,307 49,664 0.65
2030 0 1,567,742 (1,642,320) (170,601) 58,634 (250) (16,193) 64,829 95 64,923 48,730 0.64
2031 0 1,691,227 (1,770,698) (166,634) 64,628 (244) (15,086) 63,321 93 63,414 48,327 0.63
2032 0 1,819,004 (1,904,072) (162,337) 68,762 (238) (16,545) 61,688 90 61,778 45,233 0.59
2033 0 1,953,020 (2,041,845) (157,710) 73,819 (232) (15,238) 59,930 88 60,018 44,780 0.58
2034 0 2,089,112 (2,182,737) (152,749) 79,081 (225) (14,769) 58,044 85 58,130 43,361 0.57
2035 0 2,226,401 (2,325,080) (147,440) 84,576 (217) (14,320) 56,027 83 56,110 41,789 0.55
2036 0 2,362,737 (2,466,685) (141,768) 90,329 (209) (13,828) 53,872 80 53,952 40,124 0.52
2037 0 2,495,443 (2,604,815) (135,720) 96,292 (201) (13,281) 51,574 76 51,650 38,369 0.50
2038 0 2,621,661 (2,736,378) (129,288) 102,236 (192) (12,674) 49,130 73 49,203 36,529 O.48
2039 0 2,738,347 (2,858,051) (122,486) 107,873 (182) (12,013) 46,545 69 46,614 34,601 0.45
2040 0 2,842,259 (2,966,346) (115,340) 112,947 (172) (11,312) 43,829 65 43,895 32,582 0.43
2041 0 2,930,135 (3,057,756) (107,898) 117,200 (162) (10,583) 41,001 61 41,063 30,479 0.40
2042 0 2,998,802 (3,128,893) (100,220) 122,567 (151) (7,675) 38,084 57 38,141 30,466 0.40
2043 0 3,033,490 (3,175,595) (92,381) 136,378 (139) (5,867) 35,105 53 35,158 29,291
2044 0 3,035,085 (3,194,629) (84,469) 151,298 (128) (8,374) 32,098 49 32,147 23,772
2045 0 3,010,969 (3,184,372) (76,577) 165,738 (116) (7,782) 29,099 44 29,143 21,361
2046 0 2,957,486 (3,143,787) (68,803) 179,192 (105) (7,214) 26,145 40 26,185 18,971 0.25
2047 0 2,873,589 (3,071,784) (61,234) 191,639 (94) (6,650) 23,269 36 23,305 16,655 0.22
2048 0 2,760,378 (2,968,747) (53,949) 202,343 (83) (6,110) 20,501 32 20,532 14,423 0.19
2049 0 2,619,159 (2,835,702) (47,020) 211,032 (73) (5,583) 17,868 28 17,895 12,313 0.16
2050 0 2,451,775 (2,674,269) (40,506) 217,487 (63) (5,070) 15,392 24 15,416 10,347 0.14
2051 0 2,261,733 (2,487,427) (34,457) 221,162 (54) (4,586) 13,094 21 13,114 8,529 0.11
2052 0 2,102,864 (2,284,848) (28,917) 177,288 (46) (4,742) 10,988 17 11,006 6,264 0.08
*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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