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Scenario 1 - Constant Loan Interest Rate - March Issue
Balance Sheet Summary
(dollars in thousands)
(A) (B) (C) (D) (E) (F) (G) (H)
Gross Insurance Net Accrued Retained Annual
Cash Cash Surrender Outstanding Cash Surrender Loan Asset Earnings Impact on
Year Amount Value (Loan) Value Interest Balance[1] Gain/(Loss) Earnings[2]
1993 196 112,471 (101,184) 11,287 11,191 22,478 292
196231,340
1994 1,370 (208,177) 23,163 23,024 46,187 1,509
1995 4,475 357,345 (321,611) 35,734 35,570 71,304 4,639 3,130
1996 8,466 356,530 (320,873) 35,658 35,489 71,146 8,635 3,996
1997 12,727 355,660 (320,084) 35,576 35,401 70,977 12,901 4,266
1998 17,254 354,728 (319,239) 35,489 35,308 70,797 17,435 4,533
1999 22,045 353,729 (318,333) 35,396 35,208 70,603 22,233 4,799
2000 32,044 492,780 (443,511) 49,268 49,052 98,321 32,260 10,027
2001 47,475 645,163 (580,691) 64,471 64,224 128,696 47,722 15,462
2002 69,134 812,376 (731,222) 81,154 80,873 162,027 69,415 21,692
2003 97,594 995,749 (896,300) 99,449 99,131 198,580 97,912 28,498
2004 133,336 1,196,556 (1,077,073) 119,483 119,124 238,607 133,695 35,782
2005 176,887 1,416,165 (1,274,773) 141,392 140,990 282,382 177,289 43,595
2006 228,976 1,656,195 (1,490,857) 165,338 164,889 330,227 229,425 52,136
2007 289,263 1,887,983 (1,699,519) 188,464 187,967 376,431 289,761 60,336
2008 353,213 1,877,537 (1,690,100) 187,437 186,925 374,362 353,725 63,965
2009 416,508 1,866,313 (1,679,980) 186,333 185,806 372,139 417,035 63,310
2010 478,712 1,854,651 (1,669,115) 185,536 184,604 370,140 479,643 62,608
2011 540,548 1,841,752 (1,657,463) 184,289 183,315 367,604 541,522
2012 601,639 1,827,931 (1,644,980) 182,951 181,935 364,886 602,656
2013 655,486 1,819,864 (1,631,621) 188,244 180,457 368,701 663,272 60,616
2014 721,647 1,967,636 (1,770,661) 196,975 195,835 392,811 722,787 59,515
2015 779,660 2,127,281 (1,914,300) 212,981 211,722 424,702 780,919
2016 836,121 2,299,721 (2,069,461) 230,259 228,882 459,142 837,498
2017 891,011 2,485,785 (2,236,968) 248,817 247,408 496,225 892,420
2018 944,339 2,686,271 (2,417,518) 268,754 267,377 536,131 945,715 53,296
2019 996,211 2,901,756 (2,611,702) 290,054 288,854 578,907 997,411 51,696
2020 1,046,461 3,132,325 (2,819,553) 312,772 311,842 624,614 1,047,391 49,980
2021 1,094,911 3,378,611 (3,041,297) 337,314 336,367 673,681 1,095,858 48,467
2022 1,142,432 3,641,933 (3,278,367) 363,566 362,586 726,152 1,143,412 47,554
All figures are estimates. Actual results will depend upon mortality, interest rates and dividends
1Note: The yearly Asset Balances shown above in column F are the sum of the amounts in columns D and E. The proper asset balances should be the
Net Cash Surrender Values shown in column D minus the Accrued Loan Interest shown in column E. For example, for 1993, $11,287 minus $11,191 equals
$96. $96 plus the cash flow of $196 (column A) equals the total gain shown in Column G.
2Blank space indicates that there was no legible figure in underlying exhibit.
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