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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]
2023 0 (362,586) (144) 62,724 312,610 0 34,055 46,659 1,189,090 1,607,284 1,013
2024 0 (390,574) (142) 61,599 338,182 0 36,690 45,755 1,234,846 1,696,336 1,049
2025 0 (420,387) (139) 60,421 365,397 0 39,518 44,809 1,279,655 1,786,798 1,088
2026 0 (452,064) (136) 59,191 394,268 0 42,562 43,820 1,323,475 1,878,662 1,129
2027 0 (485,639) (134) 57,908 424,799 0 45,852 42,787 1,366,262 1,971,918 1,174
2028 0 (521,120) (131) 56,573 456,970 0 49,417 41,709 1,407,972 2,066,555 1,221
2029 0 (558,503) (128) 55,187 490,734 0 53,298 40,588 1,448,560 2,162,562 1,269
2030 0 (597,761) (125) 53,750 526,152 0 57,409 39,426 1,487,986 2,259,931 1,322
2031 0 (638,854) (121) 52,264 563,196 0 61,738 38,223 1,526,209 2,358,655 1,378
2032 0 (681,731) (118) 50,732 601,833 0 66,267 36,983 1,563,192 2,458,730 1,437
2033 0 (726,305) (114) 49,155 642,002 0 70,970 35,708 1,598,900 2,560,155 1,500
2034 0 (772,492) (111) 47,535 683,650 0 75,817 34,398 1,633,298 2,662,930 1,567
2035 0 (820,110) (107) 45,873 726,616 0 80,784 33,056 1,666,354 2,767,056 1,636
2036 0 (868,971) (103) 44,172 770,746 0 85,840 31,683 1,698,036 2,872,538 1,709
2037 0 (918,904) (100) 42,435 815,922 0 90,931 30,284 1,728,320 2,979,385 1,785
2038 0 (969,570) (96) 40,665 861,884 0 95,980 28,863 1,757,184 3,087,615 1,864
2039 0 (1,020,708) (92) 38,865 908,432 0 100,929 27,426 1,784,610 3,197,247 1,944
2040 0 (1,071,984) (88) 37,040 955,322 0 105,689 25,978 1,810,588 3,308,313 2,026
2041 0 (1,123,011) (83) 35,194 1,002,270 0 110,158 24,527 1,835,115 3,420,851 2,109
2042 0 (1,173,299) (79) 33,332 1,048,887 0 114,237 23,078 1,858,192 3,534,909 2,191
2043 0 (1,222,329) (75) 31,460 1,094,731 0 117,847 21,634 1,879,827 3,650,541 2,270
2044 0 (1,269,661) (71) 29,583 1,139,503 0 120,853 20,208 1,900,034 3,767,815 2,346
2045 0 (1,314,554) (67) 27,707 1,182,248 0 123,447 18,783 1,918,817 3,886,781 2,411
2046 0 (1,356,161) (62) 25,840 1,222,163 0 125,594 17,375 1,936,192 4,007,510
2047 0 (1,393,716) (58) 23,990 1,258,488 0 127,285 15,988 1,952,180 4,130,077
2048 0 (1,426,758) (54) 22,167 1,290,735 0 128,534 14,623 1,966,803 4,254,559
2049 0 (1,454,407) (50) 20,378 1,317,860 0 129,481 13,262 1,980,064 4,381,015 2,505
2050 0 (1,475,845) (46) 18,630 1,339,314 0 129,883 11,937 1,992,002 4,509,544 2,489
2051 0 (1,490,508) (42) 16,932 1,354,286 0 129,910 10,579 2,002,580 4,640,170 2,462
2052 0 (1,498,003) (38) 15,292 1,362,102 0 129,756 9,109 2,011,689 4,772,838 2,425
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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