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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]
2023 35,028,693 7,005,739 16,124 7,021,863 20.05% 1,094,647 426,912 62,816 364,096 33.26%
2024 36,429,841 7,285,968 15,898 7,301,866 20.04% 1,138,433 443,989 61,689 382,300 33.58%
2025 37,887,034 7,577,407 15,662 7,593,069 20.04% 1,183,970 461,748 60,510 401,238 33.89%
2026 39,402,516 7,880,503 15,417 7,895,920 20.04% 1,231,329 480,218 59,278 420,940 34.19%
2027 40,978,616 8,195,723 15,163 8,210,886 20.04% 1,280,582 499,427 57,994 441,433 34.47%
2028 42,617,761 8,523,552 14,901 8,538,453 20.03% 1,331,805 519,404 56,657 462,747 34.75%
2029 44,322,472 8,864,494 14,632 8,879,126 20.03% 1,385,077 540,180 55,269 484,912 35.01%
2030 46,095,370 9,219,074 14,352 9,233,426 20.03% 1,440,480 561,787 53,830 507,958 35.26%
2031 47,939,185 9,587,837 14,063 9,601,900 20.03% 1,498,100 584,259 52,342 531,917 35.51%
2032 49,856,753 9,971,351 13,765 9,985,115 20.03% 1,558,024 607,629 50,808 556,822 35.74%
2033 51,851,023 10,370,205 13,457 10,383,662 20.03% 1,620,344 631,934 49,228 582,706 35.96%
2034 53,925,064 10,785,013 13,141 10,798,154 20.02% 1,685,158 657,212 47,606 609,606 36.18%
2035 56,082,066 11,216,413 12,816 11,229,229 20.02% 1,752,565 683,500 45,942 637,558 36.38%
2036 58,325,349 11,665,070 12,483 11,677,553 20.02% 1,822,667 710,840 44,238 666,602 36.57%
2037 60,658,363 12,131,673 12,139 12,143,812 20.02% 1,895,574 739,274 42,499 696,775 36.76%
2038 63,084,697 12,616,939 11,784 12,628,723 20.02% 1,971,397 768,845 40,726 728,119 36.93%
2039 65,608,085 13,121,617 11,417 13,133,034 20.02% 2,050,253 799,599 38,923 760,675 37.10%
2040 68,232,409 13,646,482 11,035 13,657,517 20.02% 2,132,263 831,582 37,096 794,487 37.26%
2041 70,961,705 14,192,341 10,638 14,202,979 20.01% 2,217,553 864,846 35,247 829,599 37.41%
2042 73,800,173 14,760,035 10,223 14,770,258 20.01% 2,306,255 899,440 33,383 866,057 37.55%
2043 76,752,180 15,350,436 9,794 15,360,230 20.01% 2,398,506 935,417 31,508 903,910 37.69%
2044 79,822,267 15,964,453 9,344 15,973,798 20.01% 2,494,446 972,834 29,628 943,206 37.81%
2045 83,015,158 16,603,032 8,902 16,611,934 20.01% 2,594,224 1,011,747 27,750 983,997
2046 86,335,764 17,267,153 8,455 17,275,608 20.01% 2,697,993 1,052,217 25,880 1,026,337
2047 89,789,195 17,957,839 8,006 17,965,845 20.01% 2,805,912 1,094,306 24,027 1,070,279 38.14%
2048 93,380,763 18,676,153 7,563 18,683,716 20.01% 2,918,149 1,138,078 22,201 1,115,877 38.24%
2049 97,115,993 19,423,199 7,153 19,430,352 20.01% 3,034,875 1,183,601 20,409 1,163,192 38.33%
2050 101,000,633 20,200,127 6,739 20,206,866 20.01% 3,156,270 1,230,945 18,660 1,212,286 38.41%
2051 105,040,658 21,008,132 6,407 21,014,539 20.01% 3,282,521 1,280,183 16,959 1,263,224 38.48%
2052 109,242,285 21,848,457 6,244 21,854,701 20.01% 3,413,821 1,331,390 15,316 1,316,074 38.55%
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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