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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]
2023 1,189,090 3,923,010 (3,531,423) 391,587 390,574 782,161 1,190,104
2024 1,234,846 4,222,408 (3,800,972) 421,436 420,387 841,823 1,235,895
2025 1,279,655 4,540,559 (4,087,407) 453,152 452,064 905,216 1,280,743 44,848
2026 1,323,475 4,877,748 (4,390,980) 486,768 485,639 972,406 1,324,605 43,862
2027 1,366,262 5,234,121 (4,711,827) 522,294 521,120 1,043,414 1,367,436 42,831
2028 1,407,972 5,609,615 (5,049,892) 559,723 558,503 1,118,226 1,409,192 41,756
2029 1,448,560 6,003,965 (5,404,934) 599,030 597,761 1,196,791 1,449,829 40,637
2030 1,487,986 6,416,810 (5,776,634) 640,176 638,854 1,279,029 1,489,307 39,478
2031 1,526,209 6,847,570 (6,164,461) 683,109 681,731 1,364,840 1,527,586 38,279
2032 1,563,192 7,295,469 (6,567,727) 727,742 726,305 1,454,047 1,564,629 37,043
2033 1,598,900 7,759,356 (6,985,364) 773,992 772,492 1,564,484 1,600,400 35,771
2034 1,633,298 8,237,806 (7,416,130) 821,676 820,110 1,641,786 1,634,864 34,465
2035 1,666,354 8,728,882 (7,858,275) 870,608 868,971 1,739,579 1,667,990 33,126
2036 1,698,036 9,230,346 (8,309,732) 920,613 918,904 1,839,517 1,699,745 31,755
2037 1,728,320 9,739,681 (8,768,326) 971,355 969,570 1,940,925 1,730,105 30,360
2038 1,757,184 10,253,679 (9,231,107) 1,022,571 1,020,708 2,043,279 1,759,047 28,942
2039 1,784,610 10,769,072 (9,695,144) 1,073,928 1,071,984 2,145,913 1,786,554 27,507
2040 1,810,588 11,281,885 (10,156,848) 1,125,037 1,123,011 2,248,048 1,812,614 26,060
2041 1,835,115 11,787,573 (10,612,166) 1,175,408 1,173,299 2,348,707 1,837,223
2042 1,858,192 12,281,040 (11,056,521) 1,224,520 1,222,329 2,446,849 1,860,383
2043 1,879,827 12,756,559 (11,484,628) 1,271,931 1,269,661 2,541,592 1,882,097 21,714
2044 1,900,034 13,207,807 (11,890,907) 1,316,900 1,314,554 2,631,454 1,902,381 20,284
2045 1,918,817 13,626,925 (12,268,353) 1,358,572 1,356,161 2,714,733 1,921,228
2046 1,936,192 14,006,378 (12,610,200) 1,396,178 1,393,716 2,789,894 1,938,654
2047 1,952,180 14,338,988 (12,909,734) 1,429,254 1,426,758 2,856,012 1,954,675
2048 1,966,803 14,617,963 (13,161,046) 1,456,917 1,454,407 2,911,324 1,969,313 14,638
2049 1,980,064 14,835,464 (13,357,114) 1,478,350 1,475,845 2,954,194 1,982,570 13,256
2050 1,992,002 14,985,118 (13,492,121) 1,492,997 1,490,508 2,983,505 1,994,490 11,921
2051 2,002,580 15,061,908 (13,561,443) 1,500,465 1,498,003 2,998,469 2,005,043 10,552
2052 2,011,689 15,061,904 (13,561,891) 1,500,014 1,497,588 2,997,602 2,014,114 9,072
All figures are estimates. Actual results will depend upon mortality, interest rates and dividends.
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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 2023, $391,587 minus $390,574 equals
$1,013. $1,013 plus the cash flow of $1,189,090 (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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