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Scenario 1 - Constant Loan Interest Rate
Cash Flow Detail
(dollars in thousands)
Corporate Cash Outflow Corporate Cash Inflow Net Cash Flow Surplus
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J) (K)
Cumulative
Cash
After-Tax Policy Loan Tax-Free Net Cumulative Flow Cumulative
Loan Admin. Tax Policy Policy Death Cash Cash at 4.35% Net
Year Premium Interest Fee Savings Loan Withdrawal Benefits Clow Flow Pre-Tax* Equity[1]
1993 (114,000) 0 (188) 4,524 107,684 0 2,016 35 35 (53) 78
1994 (113,929) (11,902) (188) 9,308 113,929 1,649 2,155 1,021 1,056 838 178
1995 (113,852) (24,486) (188) 13,936 110,318 14,731 2,312 2,770 3,826 3,485 237
1996 (113,771) (36,661) (188) 13,926 0 137,722 2,614 3,642 7,468 7,095 337
1997 (113,681) (36,633) (188) 13,915 0 137,864 2,756 4,033 11,501 11,201 331
1998 (113,588) (36,602) (188) 13,903 0 137,999 2,934 4,458 15,959 15,854 175
1999 (113,488) (36,570) (188) 13,890 0 137,828 3,152 4,624 20,583 20,799 133
2000 (113,380) (36,535) (187) 19,639 137,175 0 3,287 9,997 30,580 31,316 242
2001 (113,264) (51,654) (187) 25,988 151,666 0 3,595 16,143 46,723 48,339 266
2002 (113,137) (68,351) (187) 32,994 167,521 0 3,959 22,799 69,522 72,556 295
2003 (112,997) (86,771) (187) 40,718 184,946 0 4,399 30,108 99,630 104,822 327
2004 (112,841) (107,079) (187) 49,224 203,952 0 4,911 37,980 137,610 145,922 367
2005 (112,667) (129,436) (186) 58,578 224,681 0 5,508 46,477 184,087 196,723 414
2006 (112,472) (154,019) (186) 68,860 247,446 0 6,194 55,822 239,910 258,345 466
2007 (112,253) (181,034) (186) 78,543 272,425 0 6,983 64,479 304,388 330,377 524
2008 0 (210,699) (185) 78,359 193,013 0 7,851 68,339 372,728 408,310 519
2009 0 (231,471) (185) 78,153 211,704 0 8,796 66,998 439,725 486,960 575
2010 0 (254,176) (184) 77,923 232,250 0 9,803 65,616 505,341 566,303 635
2011 0 (278,992) (184) 77,667 254,772 0 10,864 64,127 569,468 646,249 700
2012 0 (306,108) (183) 77,385 279,469 0 11,961 62,524 631,992 726,695 769
2013 0 (335,731) (182) 77,075 306,543 0 13,091 60,796 692,788 807,528
2014 0 (368,084) (182) 76,736 336,285 0 14,253 59,009 751,797 888,697
2015 0 (403,420) (181) 76,369 370,192 0 15,448 58,409 810,205 971,429
2016 0 (442,145) (180) 75,972 407,477 0 16,673 57,797 868,002 1,055,756 920
2017 0 (484,575) (179) 75,544 448,433 0 17,938 57,161 925,163 1,141,696 950
2018 0 (531,044) (178) 75,084 493,496 0 19,289 56,647 981,810 1,229,415 978
2019 0 (581,916) (177) 74,588 542,978 0 20,777 56,250 1,038,060 1,319,082 1,005
2020 0 (637,563) (175) 74,054 597,043 0 22,461 55,819 1,093,880 1,410,713 1,035
2021 0 (698,339) (174) 73,474 655,995 0 24,397 55,353 1,149,233 1,504,320 1,069
2022 0 (764,590) (173) 72,844 720,151 0 26,615 54,846 1,204,080 1,599,912 1,107
*Assumes deaths occur midyear.
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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