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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 Flow Flow Pre-Tax* Equity[1]
2023 0 (836,648) (171) 72,154 789,772 0 29,184 54,291 1,258,371 1,697,489 1,151
2024 0 (914,804) (169) 71,396 865,114 0 32,146 53,683 1,312,054 1,797,047 1,201
2025 0 (999,303) (168) 70,560 946,382 0 35,546 53,017 1,365,071 1,898,574 1,258
2026 0 (1,090,314) (166) 69,634 1,033,725 0 39,410 52,289 1,417,360 2,002,054 1,322
2027 0 (1,187,917) (163) 68,607 1,127,225 0 43,740 51,492 1,468,851 2,107,465 1,393
2028 0 (1,292,076) (161) 67,468 1,226,943 0 48,446 50,620 1,519,472 2,214,778 1,469
2029 0 (1,402,677) (158) 66,210 1,332,873 0 53,415 49,664 1,569,135 2,323,956 1,548
2030 0 (1,519,519) (155) 64,829 1,444,941 0 58,634 48,730 1,617,866 2,435,071 1,508
2031 0 (1,642,320) (151) 63,321 1,562,850 0 64,628 48,327 1,666,193 2,548,711 685
2032 0 (1,770,698) (148) 61,688 1,685,629 0 68,762 45,233 1,711,426 2,662,208 1,729
2033 0 (1,904,072) (144) 59,930 1,815,248 0 73,819 44,780 1,756,207 2,778,260 1,858
2034 0 (2,041,845) (139) 58,044 1,948,220 0 79,081 43,361 1,799,568 2,895,941 1,933
2035 0 (2,182,737) (135) 56,027 2,084,057 0 84,576 41,789 1,841,357 3,015,138 2,010
2036 0 (2,325,080) (130) 53,872 2,221,133 0 90,329 40,124 1,881,481 3,135,794 2,089
2037 0 (2,466,685) (125) 51,574 2,357,313 0 96,292 38,369 1,919,850 3,257,856 2,168
2038 0 (2,604,815) (119) 49,130 2,490,097 0 102,236 36,529 1,956,379 3,381,277 2,243
2039 0 (2,736,378) (113) 46,545 2,616,674 0 107,873 34,601 1,990,980 3,506,008 2,309
2040 0 (2,858,051) (107) 43,829 2,733,964 0 112,947 32,582 2,023,562 3,632,001 2,362
2041 0 (2,966,346) (100) 41,001 2,838,725 0 117,200 30,479 2,054,041 3,759,218 2,397
2042 0 (3,057,756) (93) 38,084 2,927,665 0 122,567 30,466 2,084,507 3,889,822 169
2043 0 (3,128,893) (86) 35,105 2,986,788 0 136,378 29,291 2,113,799 4,022,599
2044 0 (3,175,595) (79) 32,098 3,016,051 0 151,298 23,772 2,137,571 4,153,131
2045 0 (3,194,629) (72) 29,099 3,021,226 0 165,738 21,361 2,158,932 4,284,556
2046 0 (3,184,372) (65) 26,145 2,998,071 0 179,192 18,971 2,177,903 4,416,931 (4,341)
2047 0 (3,143,787) (58) 23,269 2,945,592 0 191,639 16,655 2,194,558 4,550,372 (4,598)
2048 0 (3,071,784) (52) 20,501 2,863,415 0 202,343 14,423 2,208,980 4,685,016 (4,796)
2049 0 (2,968,747) (45) 17,868 2,752,205 0 211,032 12,313 2,221,293 4,821,045 (4,928)
2050 0 (2,835,702) (39) 15,392 2,613,208 0 217,487 10,347 2,231,639 4,958,675 (4,991)
2051 0 (2,674,269) (34) 13,094 2,448,575 0 221,162 8,529 2,240,168 5,098,134 (4,975)
2052 0 (2,487,427) (28) 10,988 2,305,443 0 177,288 6,264 2,246,432 5,239,658 (4,941)
*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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