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Scenario 1 - Constant Loan Interest Rate - March Issue
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 (108,573) 0 (177) 4,368 101,328 0 3,250 196 196 98 96
1994 (108,411) (11,191) (176) 8,988 107,413 0 4,551 1,174 1,370 1,122 139
1995 (108,188) (23,024) (176) 13,887 114,126 1,689 4,791 3,105 4,475 4,087 164
1996 (107,951) (35,570) (176) 13,856 0 128,768 5,064 3,991 8,466 8,040 169
1997 (107,698) (35,489) (175) 13,823 0 128,427 5,371 4,260 12,727 12,371 175
1998 (107,427) (35,401) (175) 13,788 0 128,028 5,715 4,527 17,254 17,089 181
1999 (107,137) (35,308) (174) 13,750 0 127,564 6,097 4,792 22,045 22,202 188
2000 (106,826) (35,208) (174) 19,159 126,528 0 6,519 9,999 32,044 32,722 216
2001 (106,493) (49,052) (173) 25,088 139,077 0 6,985 15,431 47,475 49,017 247
2002 (106,134) (64,224) (173) 31,595 153,098 0 7,496 21,658 69,134 72,052 281
2003 (105,748) (80,873) (172) 38,733 168,466 0 8,055 28,460 97,594 102,591 318
2004 (105,333) (99,131) (171) 46,551 185,160 0 8,665 35,742 133,336 141,317 359
2005 (104,886) (119,124) (171) 55,104 203,297 0 9,331 43,551 176,887 188,984 402
2006 (104,406) (140,990) (170) 64,456 223,142 0 10,056 52,088 228,976 246,569 450
2007 (76,351) (164,889) (169) 73,436 217,421 0 10,839 60,288 289,263 313,996 498
2008 0 (187,967) (168) 73,039 0 167,368 11,678 63,950 353,213 387,000 512
2009 0 (186,925) (167) 72,612 0 165,195 12,580 63,294 416,508 461,294 527
2010 0 (185,806) (166) 72,153 0 159,327 16,696 62,204 478,712 536,425 932
2011 0 (184,604) (165) 71,661 0 156,940 18,005 61,837 540,548 613,196 973
2012 0 (183,315) (164) 71,134 0 154,027 19,409 61,091 601,639 691,263 1,017
2013 0 (181,935) (162) 70,569 0 144,448 20,927 53,847 655,486 763,984 7,786
2014 0 (180,457) (161) 70,497 154,593 0 21,690 66,161 721,647 851,306 1,140
2015 0 (195,835) (160) 69,905 161,737 0 22,367 58,013 779,660 932,617
2016 0 (211,722) (158) 69,181 176,233 0 22,927 56,461 836,121 1,014,532
2017 0 (228,882) (156) 68,405 192,048 0 23,475 54,889 891,011 1,097,047
2018 0 (247,408) (155) 67,581 209,115 0 24,195 53,328 944,339 1,180,188 1,377
2019 0 (267,377) (153) 66,710 227,389 0 25,303 51,872 996,211 1,264,075 1,200
2020 0 (288,854) (151) 65,789 246,381 0 27,085 50,250 1,046,461 1,348,549 930
2021 0 (311,842) (149) 64,818 266,366 0 29,257 48,450 1,094,911 1,433,440 947
2022 0 (336,367) (146) 63,797 288,659 0 31,579 47,520 1,142,432 1,519,651 980
Assumes 39 percent tax bracket.
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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