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Scenario 1 - Constant Loan Interest Rate - March Issue
Effect on Financial Ratios
(dollars in thousands)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
Adjusted
Operating
Current Pre-Tax Adjusted Expense as COLI
Projected Operating COLI Operating a % of Pre-Tax Taxes Tax Adjusted Adjusted
Year Sales Expense Expense Expense Sales Earnings Paid at 39% Savings Taxes Paid Tax Rate[1]
1993 10,800,000 2,160,000 4,188 2,164,188 20.04% 337,500 131,625 4,480 127,145 37.67%
1994 11,232,000 2,246,400 7,885 2,254,285 20.07% 351,000 136,890 9,101 127,789 36.41%
1995 11,681,280 2,336,256 10,869 2,347,125 20.09% 365,040 142,366 14,000 128,366 35.16%
1996 12,148,531 2,429,706 9,972 2,439,678 20.08% 379,642 148,060 13,968 134,092 35.32%
1997 12,634,472 2,526,894 9,669 2,536,564 20.08% 394,827 153,983 13,935 140,047 35.47%
1998 13,139,851 2,627,970 9,366 2,637,337 20.07% 410,620 160,142 13,900 146,242 35.61%
1999 13,665,445 2,733,089 9,063 2,742,152 20.07% 427,045 166,548 13,862 152,686 35.75%
2000 14,212,063 2,842,413 9,243 2,851,656 20.07% 444,127 173,210 19,270 153,939 34.66%
2001 14,780,546 2,956,109 9,736 2,965,845 20.07% 461,892 180,138 25,198 154,939 33.54%
2002 15,371,768 3,074,354 10,013 3,084,366 20.07% 480,368 187,343 31,705 155,638 32.40%
2003 15,986,638 3,197,328 10,345 3,207,673 20.06% 499,582 194,837 38,843 155,995 31.22%
2004 16,626,104 3,325,221 10,879 3,336,099 20.07% 519,566 202,631 46,661 155,970 30.02%
2005 17,291,148 3,458,230 11,619 3,469,848 20.07% 540,348 210,736 55,213 155,522 28.78%
2006 17,982,794 3,596,559 12,428 3,608,987 20.07% 561,962 219,165 64,564 154,601 27.51%
2007 18,702,106 3,740,421 13,208 3,753,629 20.07% 584,441 227,932 73,544 154,388 26.42%
2008 19,450,190 3,890,038 9,182 3,899,220 20.05% 607,818 237,049 73,146 163,903 26.97%
2009 20,228,197 4,045,639 9,409 4,055,049 20.05% 632,131 246,531 72,719 173,812 27.50%
2010 21,037,325 4,207,465 9,651 4,217,116 20.05% 657,416 256,392 72,260 184,133 28.01%
2011 21,878,818 4,375,764 9,888 4,385,652 20.05% 683,713 266,648 71,767 194,881 28.50%
2012 22,753,971 4,550,794 10,104 4,560,899 20.04% 711,062 277,314 71,238 206,076 28.98%
2013 23,664,130 4,732,826 10,056 4,742,882 20.04% 739,504 288,407 70,673 217,734 29.44%
2014 24,610,695 4,922,139 11,085 4,933,224 20.05% 769,084 299,943 70,600 229,343 29.82%
2015 25,595,123 5,119,025 11,875 5,130,899 20.05% 799,848 311,941 70,007 241,934
2016 26,618,928 5,323,786 12,704 5,336,489 20.05% 831,841 324,418 69,283 255,136
2017 27,683,685 5,536,737 13,584 5,550,321 20.05% 865,115 337,395 68,505 268,890
2018 28,791,032 5,758,206 14,384 5,772,591 20.05% 899,720 350,891 67,680 283,211 31.48%
2019 29,942,674 5,988,535 15,112 6,003,647 20.05% 935,709 364,926 66,807 298,119 31.86%
2020 31,140,381 6,228,076 15,905 6,243,981 20.05% 973,137 379,523 65,885 313,638 32.23%
2021 32,385,996 6,477,199 16,447 6,493,646 20.05% 1,012,062 394,704 64,913 329,791 32.59%
2022 33,681,436 6,736,287 16,336 6,752,623 20.05% 1,052,545 410,492 63,890 346,602 32.93%
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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