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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]
2023 0 340,631 (390,574) (160,830) 34,055 (236) (16,124) 62,724 92 62,816 46,692
2024 0 368,031 (420,387) (157,945) 36,690 (232) (15,898) 61,599 91 61,689 45,791
2025 0 397,113 (452,064) (154,926) 39,518 (228) (15,662) 60,421 89 60,510 44,848 0.59
2026 0 427,884 (485,639) (151,772) 42,562 (224) (15,417) 59,191 87 59,278 43,862 0.57
2027 0 460,325 (521,120) (148,483) 45,852 (219) (15,163) 57,908 85 57,994 42,831 0.56
2028 0 494,399 (558,503) (145,060) 49,417 (214) (14,901) 56,573 84 56,657 41,756 0.55
2029 0 530,041 (597,761) (141,505) 53,298 (209) (14,632) 55,187 82 55,269 40,637 0.53
2030 0 567,297 (638,854) (137,821) 57,409 (204) (14,352) 53,750 80 53,830 39,478 0.52
2031 0 606,129 (681,731) (134,011) 61,738 (199) (14,063) 52,264 78 52,342 38,279 0.50
2032 0 646,466 (726,305) (130,083) 66,267 (193) (13,765) 50,732 75 50,808 37,043 0.48
2033 0 688,252 (772,492) (126,038) 70,970 (188) (13,457) 49,155 73 49,228 35,771 0.47
2034 0 731,334 (820,110) (121,884) 75,817 (182) (13,141) 47,535 71 47,606 34,465 0.45
2035 0 775,547 (868,971) (117,624) 80,784 (176) (12,816) 45,873 69 45,942 33,126 0.43
2036 0 820,751 (918,904) (113,262) 85,840 (170) (12,483) 44,172 66 44,238 31,755 0.41
2037 0 866,663 (969,570) (108,809) 90,931 (163) (12,139) 42,435 64 42,499 30,360 0.40
2038 0 913,101 (1,020,708) (104,268) 95,980 (157) (11,784) 40,665 61 40,726 28,942 0.38
2039 0 959,789 (1,071,984) (99,653) 100,929 (150) (11,417) 38,865 59 38,923 27,507 0.36
2040 0 1,006,430 (1,123,011) (94,973) 105,689 (144) (11,035) 37,040 56 37,096 26,060 0.34
2041 0 1,052,640 (1,173,299) (90,240) 110,158 (137) (10,638) 35,194 53 35,247 24,609
2042 0 1,097,999 (1,222,329) (85,467) 114,237 (130) (10,223) 33,332 51 33,383 23,160
2043 0 1,142,143 (1,269,661) (80,666) 117,847 (123) (9,794) 31,460 48 31,508 21,714 0.28
2044 0 1,184,472 (1,314,554) (75,854) 120,853 (116) (9,344) 29,583 45 29,628 20,284 0.26
2045 0 1,223,920 (1,356,161) (71,045) 123,447 (109) (8,902) 27,707 43 27,750 18,847
2046 0 1,259,769 (1,393,716) (66,257) 125,594 (102) (8,455) 25,840 40 25,880 17,425
2047 0 1,291,564 (1,426,758) (61,513) 127,285 (95) (8,006) 23,990 37 24,027 16,022
2048 0 1,318,398 (1,454,407) (56,838) 128,534 (88) (7,563) 22,167 34 22,201 14,638
2049 0 1,339,293 (1,475,845) (52,250) 129,481 (82) (7,153) 20,378 32 20,409 13,256 0.17
2050 0 1,353,960 (1,490,508) (47,770) 129,883 (75) (6,739) 18,630 29 18,660 11,921 0.16
2051 0 1,361,755 (1,498,003) (43,417) 129,910 (69) (6,407) 16,932 27 16,959 10,552 0.14
2052 0 1,361,650 (1,497,588) (39,210) 129,756 (62) (6,244) 15,292 24 15,316 9,072 0.12
*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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