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Appendix B
Scenario 1 - Constant Loan Interest Rate - March Issue
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 (108,573) 112,615 (11,191) (11,191) 3,250 (290) (4,188) 4,368 113 4,480 292
1994 (108,411) 119,289 (23,024) (23,024) 4,551 (289) (7,885) 8,988 113 9,101 1,217
1995 (106,499) 126,697 (35,570) (35,570) 4,791 (289) (10,869) 13,887 113 14,000 3,130 0.04
1996 20,817 (77) (35,489) (35,489) 5,064 (288) (9,972) 13,856 112 13,968 3,996 0.05
1997 20,730 (82) (35,401) (35,401) 5,371 (287) (9,669) 13,823 112 13,935 4,266 0.06
1998 20,601 (87) (35,308) (35,308) 5,715 (286) (9,366) 13,788 112 13,900 4,533 0.06
1999 20,426 (93) (35,208) (35,208) 6,097 (286) (9,063) 13,750 111 13,862 4,799 0.06
2000 (106,826) 140,401 (49,052) (49,052) 6,519 (285) (9,243) 19,159 111 19,270 10,027 0.13
2001 (106,493) 154,280 (64,224) (64,224) 6,985 (284) (9,736) 25,088 1ll 25,198 15,462 0.20
2002 (106,134) 169,781 (80,873) (80,973) 7,496 (283) (10,013) 31,595 110 31,705 21,692 0.28
2003 (105,748) 186,761 (99,131) (99,131) 8,055 (282) (10,345) 38,733 110 38,843 28,498 0.37
2004 (105,333) 205,194 (119,124) (119,124) 8,665 (281) (10,879) 46,551 110 46,661 35,782 0.47
2005 (104,886) 225,206 (140,990) (140,990) 9,331 (280) (11,619) 55,104 109 55,213 43,595 0.57
2006 (104,406) 247,089 (164,889) (164,889) 10,056 (278) (12,428) 64,456 109 64,564 52,136 0.68
2007 (76,351) 240,547 (187,967) (188,297) 10,839 (277) (13,208) 73,436 108 73,544 60,336 0.79
2008 167,368 (1,027) (186,925) (187,279) 11,678 (276) (9,182) 73,039 107 73,146 63,965 0.84
2009 165,195 (1,104) (185,806) (186,185) 12,58O (274) (9,409) 72,612 107 72,719 63,310 0.83
2010 159,327 (797) (184,604) (185,009) 16,696 (272) (9,651) 72,153 106 72,260 62,608 0.82
2011 156,940 (1,247) (183,315) (183,747) 18,005 (270) (9,888) 71,661 105 71,767 61,878
2012 154,027 (1,338) (181,935) (182,394) 19,409 (268) (10,104) 71,134 105 71,238 61,134
2013 144,448 5,292 (180,457) (180,946) 20,927 (266) (10,056) 70,569 104 70,673 60,616 0.79
2014 0 163,324 (195,835) (180,762) 21,690 (264) (11,085) 70,497 103 70,600 59,515 0.78
2015 0 177,742 (211,722) (179,242) 22,367 (262) (11,875) 69,905 102 70,007 58,132
2016 0 193,511 (228,882) (177,388) 22,927 (259) (12,704) 69,181 101 69,283 56,579
2017 0 210,606 (247,408) (175,397) 23,475 (256) (13,584) 68,405 100 68,505 54,921
2018 0 229,051 (267,377) (173,285) 24,195 (254) (14,384) 67,581 99 67,680 53,296
2019 0 248,689 (288,854) (171,050) 25,303 (250) (15,112) 66,710 98 66,807 51,696 0.67
2020 0 269,099 (311,842) (168,689) 27,085 (247) (15,905) 65,789 96 65,885 49,980 0.65
2021 0 290,908 (336,367) (166,200) 29,257 (244) (16,447) 64,818 95 64,913 48,467 0.63
2022 0 314,911 (362,586) (163,581) 31,579 (240) (16,336) 63,797 94 63,890 47,554 0.62
*Total annual premium less annual withdrawal.
**Based on 76.6 million shares outstanding.
Assumes 39 percent tax bracket.
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1Blank space indicates that there was no legible figure in underlying exhibit.
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